Jake Chervinsky: Most projects should choose equity or tokens, not both

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Hanna Syniavska

02.07.2026

Jake Chervinsky: Most projects should choose equity or tokens, not both — Projects should separate equity and tokens

Jake Chervinsky, lawyer and head of policy at Variant Fund and Blockchain Assoc., argues that most projects should issue either equity or tokens, but not both.

Chervinsky explains that while it is theoretically possible for both equity and tokens to accrue value within the same system, each must convey real ownership over valuable property. In practice, he notes, projects usually struggle to make both work effectively.

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Chervinsky has previously asserted that the CME’s lawsuit against the CFTC reveals the exchange’s fear of competition, suggesting a shift from industry leader to monopolist in a recent analysis. He has also drawn attention to a new U.S. PAC focused on DeFi policy and the need for community support to protect crypto developers. His comments on equity and token issuance continue his public engagement on regulatory and governance issues in digital assets.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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