Two SEC cases in seven weeks involved funds sold on access to SpaceX and other pre-IPO names, and both Anthropic and OpenAI have said unapproved transfers of their shares may not be recognized. In each case, what decided the outcome for investors was not the company but the structure between the investor and the share.

Institutional counterparties ask us: you are an SFC-licensed firm operating under regulatory supervision. Why would you build on an open, permissionless network that anyone can join, rather than on a private network you control? It is a fair question and it deserves a full answer.