#173 - Understanding token compensation with Jessica Furr and Brandon Ferrick

How should employees, contractors, and companies think about token compensation? What are the legal, tax, and governance risks? Jessica Furr is a lawyer focused on crypto compensation, governance, and market structure, and the author of Read the Fine Print on Token Compensation . Brandon Ferrick is a crypto and securities lawyer who advises companies on token incentive plans, equity compensation, and regulatory compliance. Timestamps: ➡️ 1:28 — Why tokens are not equity (and why people assume they are) ➡️ 3:32 — Why token compensation exists alongside equity ➡️ 6:39 — What documents to look for in a token comp arrangement ➡️ 9:24 — Are tokens securities? How lawyers actually approach classification ➡️ 11:57 — Restricted Token Awards (RTAs) vs. Restricted Token Units (RTUs) ➡️ 13:28 — How tax treatment drives RTA vs. RTU decisions ➡️ 16:49 — What an 83(b) election is and why it matters for tokens ➡️ 21:16 — What employees should negotiate and clarify upfront ➡️ 25:45 — Emerging trends in token compensation structures ➡️ 28:28 — Where token compensation could go next Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📕 Jessica and Brandon's paper Read the Fine Print: Token Compensation 📄 Rule 701 of the Securities Act 📓 Dragonfly Compensation Report Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

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#173 - Understanding token compensation with Jessica Furr and Brandon Ferrick is an episode from Law of Code by Jacob Robinson.

This episode is 00:32:01 long.

This episode was published on Feb 11, 2026.

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