Empire How to Launch a Token (Legally) Featuring Miles Jennings & Eddy Lazzarin Of a16z Crypto
Aug 12, 2025
Miles Jennings is the Head of Policy and General Counsel at a16z Crypto, focused on regulatory clarity, while Eddy Lazzarin serves as CTO, bridging tech and legal realms. They dive into the complexities of token launches, discussing the importance of compliance and innovative governance structures like DUNAs. The duo explores advancements in crypto legislation, emphasizing transparency and the economic implications of token designs. They also address the evolution of founder priorities, highlighting the need for balance between innovation, legal intricacies, and user experience.
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Foundations Became Decentralization Theater
- Foundations began as neutrality tools but became opaque legal shells and 'decentralization theater'.
- Miles Jennings calls offshore foundations an extraction layer that blocks genuine decentralization.
Use DUNAs And Borgs To Put Governance On‑Chain
- Use DUNAs and Borgs to move protocol decision‑making and transparency on‑chain.
- Miles Jennings describes DUNAs as legal wrappers that let token governance have off‑chain legal effect.
When A DUNA Makes Sense
- Choose a DUNA when token holders must vote over treasuries or upgrades and you need legal viability.
- Miles Jennings recommends DUNAs especially for smart‑contract protocols with treasuries and token governance.