ETHPrague 2026

Crypto has followed a familiar pattern seen throughout financial history: innovation first, standards second, regulation last. From equities to futures to options, markets have always developed internal rulebooks before formal oversight emerges.

Digital assets are no different. Tokens, DAOs, and onchain systems have created entirely new financial primitives — but unlike traditional markets, they lack a consistent disclosure standard that helps participants understand how these systems actually operate.

Today, tokenholders often underwrite risk without clear visibility into the offchain entities, governance structures, and agreements that shape value flow and control. Foundations may hold IP, developer companies may generate revenue, and market makers or exchanges may influence liquidity — all without standardized disclosure.

This talk examines that gap through a simple lens: the token and the business are not always the same thing, and markets don’t yet have a shared framework to evaluate the difference.

We’ll explore:

• How token markets diverged from traditional financial disclosure norms
• Why governance debates often mask deeper information asymmetries
• The role of self-regulation in scaling new financial systems
• What a standardized disclosure “rulebook” for tokens could look like in practice

As the industry moves toward regulatory clarity, the conversation is shifting from whether standards will exist to who defines them. This session argues that the most effective path forward is industry-led — building transparent, open frameworks that reflect how these systems actually work.

Ultimately, this is about making crypto more understandable, comparable, and accountable — not just for institutions, but for the users and tokenholders who participate in these systems every day.