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Home > Law of Code > #173 - Understanding token compensation with Jessica Furr and Brandon Ferrick
Podcast: Law of Code
Episode:

#173 - Understanding token compensation with Jessica Furr and Brandon Ferrick
Category: Technology
Duration: 00:32:01
Publish Date: 2026-02-11 10:00:00
Description:

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.


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