After the Foundation Era: Tokens, Policy, and Startup Structures

In this episode of the web3 with a16z crypto podcast, Jason Yanowitz interviews Miles Jennings, head of policy and general counsel at a16z crypto, and Eddy Lazzarin, a16z crypto's CTO, about designing, governing, and growing decentralized networks in the current policy landscape. They discuss the challenges of offshore foundations and alternative structures like DUNAs and BORGs, token design and classification, current crypto policy in Washington D.C., and common mistakes founders make. The conversation covers the SEC's evolving stance on on-chain capital markets, the Clarity Act, and the shift from efforts-based to control-based decentralization frameworks. They also explore the nuances of network tokens versus company-backed tokens, and the importance of transparency and value accrual in token design, as well as the right time to flip the fee switch.