According to @jchervinsky, the tokens-versus-equity debate in crypto is only beginning because many top projects were built during the Gensler era, when regulatory pressure led development companies to route value to equity rather than tokens. Source: Jake Chervinsky on X, Dec 23, 2025. According to @jchervinsky, the new policy environment creates opportunities but offers no simple answers, indicating that teams may reassess how value accrues between tokens and equity. Source: Jake Chervinsky on X, Dec 23, 2025. According to @jchervinsky, traders should monitor project disclosures on tokenomics, fee capture, and governance updates from major devcos as primary signals for potential shifts in token value accrual and market liquidity. Source: Jake Chervinsky on X, Dec 23, 2025.