The Future of Digital Assets | Regulation, Value Accrual, and Token Design

Gm! In today’s round up we are joined by Noah Goldberg of Theia Capital  to discuss new SEC guidance distinguishing digital commodities and securities, implications for token design and valuation, and evolving regulatory clarity. We also discuss token versus equity models, KYC tradeoffs, global market access, and whether the industry will shift toward tokenized equity or maintain diverse structures. Enjoy! -- Follow Lightspeed: ⁠https://x.com/Lightspeedpodhq Follow Noah: https://x.com/TraderNoah Follow Carlos: https://x.com/0xcarlosg Follow Danny: https://x.com/defi_kay_ Join the Lightspeed Telegram: ⁠https://t.me/+QHlbNTNS4gc1ZTVh -- Join us at DAS (Digital Asset Summit) in New York City this March!  Use the link below to learn more, and use code LIGHTSPEED200  to get $200 off your ticket! See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-nyc-2026 -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (0:00) Introduction (2:00) SEC Framework (6:35) Market Impact & Value Accrual (13:47) Token Design & Tradeoffs (18:25) Onchain Securities & Regulation (23:50) Market Structure: Public vs. Private (28:54) Early Tokenization (37:28) Global Access & KYC (48:42) Token Models & Endgame (1:08:21) Closing Comments -- Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Danny, and our guests may hold positions in the companies, funds, or projects discussed.