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Crypto’s dual equity/token model structurally subordinates token holders, making value flow to equity predictable rather than accidental. The article likens tokens to unprotected leasehold interests and argues disclosure can’t fix this without structural safeguards.

Crypto’s dual equity/token model structurally subordinates token holders, making value flow to equity predictable rather than accidental. The article likens tokens to unprotected leasehold interests and argues disclosure can’t fix this without structural safeguards.
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