As a 35-year-old crypto analyst with a London background, I’ve watched the tension between token ownership and equity models unravel under regulatory pressure. This piece dives into why 'on-chain value for tokens, off-chain for equity' isn’t just theory—it’s the blueprint for sustainable crypto innovation. With real-world examples from DeFi and governance reforms, I break down how entrepreneurs can align incentives without triggering SEC scrutiny. The future isn’t about choosing one or the other—it’s about designing systems where ownership truly matters.