# After the foundation era: Tokens, policy, and startup structures

> How to design, govern, and grow decentralized networks in today’s changing policy landscape

- URL: https://a16zcrypto.com/posts/podcast/foundation-era-tokens-policy-startup-structures
- Authors: [Miles Jennings](https://a16zcrypto.com/team/miles-jennings), [Eddy Lazzarin](https://a16zcrypto.com/team/eddy-lazzarin), [Jason Yanowitz](https://a16zcrypto.com/team/jason-yanowitz)
- Published: 2025-08-22
- Updated: 2026-05-14
- Focus areas: company building, tech trends, policy & regulation
- Tags: tokens, legal best practices, foundations, token business models
- Format: podcast

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**with [@eddylazzarin](https://x.com/eddylazzarin) [@milesjennings](https://x.com/milesjennings) [@JasonYanowitz](https://x.com/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](https://blockworks.co/podcast/empire) (where this conversation [first aired](https://blockworks.co/podcast/empire/5f38c3ec-749c-11f0-96bf-4bef818bfbd7)) … and which we’re excited to bring to you here.

**Timestamps**

0:00 Introduction

3:14 Regulatory Progress and Optimism in DC

9:34 The Problem with Offshore Foundations

13:58 The End of the Foundation Era

27:29 DUNAs and BORGs: New Legal Structures

38:42 Understanding Network Tokens

43:42 Network Tokens: Beyond L1 and L2

48:37 Company Tokens: Evolution and Challenges

51:09 The Legal Landscape of Token Offerings

1:04:25 Turning on the Fee Switch: When and Why

1:12:47 Balancing Portfolio Needs and Regulatory Clarity

1:15:36 Common Questions from Founders

1:20:17 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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Source: [After the foundation era: Tokens, policy, and startup structures](https://a16zcrypto.com/posts/podcast/foundation-era-tokens-policy-startup-structures) — a16z crypto. Full archive: https://a16zcrypto.com/posts