With $20 billion raised in “initial coin offerings” and an overall token market valuation of $300 billion, early participants in crypto finance have done a spectacular job of “growing” their monetary value as measured by the very fiat currencies many claim are being disrupted.
The latest such effort comes from the Token Alliance, an industry initiative of the Digital Chamber of Commerce that comprises 350 global industry participants, including blockchain and token experts, technologists, economists, former regulators, and practitioners from over 20 law firms.
This is not to say that token projects shouldn’t be disruptive, but it is an acknowledgment of the need for pragmatism.
This is not to say the crypto industry should follow these heavy-handed approaches, which are rightly criticized for overly protecting incumbents.
For this self-regulatory approach to succeed, the authors of the Token Alliance paper argue, it is vital for governments to provide a supportive legal framework.

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