Lightspeed The Future of Digital Assets | Regulation, Value Accrual, and Token Design
Mar 19, 2026
Noah Goldberg, investor at Theia Capital focused on digital asset markets and token design. He breaks down new SEC guidance, debates commodity versus security tradeoffs, and explores token vs equity models. Conversation covers KYC and global access, early public token strategies, and how regulation shapes product design and listings.
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Consider Registering Tokens Instead Of Gaming The Rules
- Teams should plan for tokenized securities and consider registering rather than designing regulatory‑gymnastics to claim commodity status.
- Noah recommends building token infrastructure and lighter public listing paths to lower costs for growth‑stage companies.
Tokenized Equity Requires New Market Plumbing
- Tokenized securities need new market infrastructure and standardized disclosure regimes to make on‑chain equity practical.
- Noah highlights whitelisting and SuperState examples where token transfers require regulatory layers and wallet approvals.
Make Going Public Affordable For Growth Companies
- Public listing costs should scale with company size to make going public practical for growth firms.
- Danny and Noah argue for a lightweight uplisting or stepped disclosure regime so sub‑$1B companies can access public capital affordably.