PANews reported on January 20 that former Coinbase CTO Balaji tweeted that the current environment may bring about a breakthrough in the model of financing through the issuance of tokens as "crypto-equity". He criticized the US Securities and Exchange Commission (SEC) for distorting the market over the past decade, forcing entrepreneurs to cover up the similarities between tokens and equity. He believes that putting equity on the chain has obvious advantages in terms of technology and finance, such as easily realizing dividends, repurchases, investment management and other functions through blockchain, while connecting global markets. However, he emphasized that entrepreneurs should adopt long-term mechanisms such as lock-up and co-sale rights to protect the interests of investors, and called on exchanges to standardize the identification of long-term locked assets. He looks forward to the arrival of the era of crypto-equity when the law is further clarified.