Jake Chervinsky and Rebecca Rettig argue that crypto token founders should focus on developing tokens that are both useful and fair rather than solely adhering to regulatory tests like the Howey Test. They emphasize that practical utility in tokens can foster greater adoption and societal benefit within the crypto ecosystem. The authors contend that when tokens serve a clear purpose or function within their respective networks, they become more valuable and relevant, potentially leading to increased legal clarity and acceptance. Fairness in the distribution and governance of tokens is also highlighted as critical. By designing equitable systems of token distribution and community governance, founders can enhance trust and collaboration among users, driving more significant engagement in their projects. The piece proposes that creating a transparent and inclusive framework can ultimately benefit both users and the broader crypto industry.

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