with @eddylazzarin @milesjennings @JasonYanowitz
Welcome to web3 with a16z crypto. Today’s episode is on a super timely topic: How to design, govern, and grow decentralized networks in today’s changing policy landscape. It covers:
- Why the “foundation era” of crypto is ending — and what comes next with DUNAs and BORGs
- How U.S. policy shifts are creating real rules of the road
- The difference between network tokens vs. company tokens (and why it matters for investors, builders, and other participants)
- When protocols should flip the fee switch and start generating revenue
- Common mistakes founders make when launching tokens and structuring projects
To unpack it all, you’ll hear from Miles Jennings, head of policy and general counsel at a16z crypto, and Eddy Lazzarin, a16z crypto’s CTO, in conversation with Jason Yanowitz, cofounder of Blockworks and host of the Empire podcast (where this conversation first aired) ... and which we’re excited to bring to you here.
Timestamps
Introduction
Regulatory Progress and Optimism in DC
The Problem with Offshore Foundations
The End of the Foundation Era
DUNAs and BORGs: New Legal Structures
Understanding Network Tokens
Network Tokens: Beyond L1 and L2
Company Tokens: Evolution and Challenges
The Legal Landscape of Token Offerings
Turning on the Fee Switch: When and Why
Balancing Portfolio Needs and Regulatory Clarity
Common Questions from Founders
Conclusion
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As always, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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