Experts accuse developers of failing to provide rights for cryptocurrency holders.

Analyst Messari Sam (@0xCryptoSam) stated that the responsibility for the lack of rights for token holders lies solely with cryptocurrency developers, not users. He emphasized that traditional financial systems have basic mechanisms to protect minority shareholders when allocating assets or creating new business units.

In the crypto market, such guarantees are virtually absent, leading to abuses. According to an analyst, most modern tokens are purchased as quasi-shares with the hope of later transforming into full equity instruments, and if such pseudo-assets were removed, the market capitalization of altcoins would have collapsed to $5 billion. He also criticized the recent decisions of the Tensor developers and expressed disappointment that Coinbase supported their actions.

The Helium protocol engineer Noah (@redacted_noah) noted that the problem is exacerbated by the mass issuance of tokens that represent shares but do not provide legal rights. He added that market behavior is shaped by demand itself: if investors refuse such schemes, the incentive to issue such tokens will disappear.

According to him, project creators continue to release cryptocurrencies with "poor economics" precisely because users buy them.

Industry participant Matthew Nay (@NaytheForceBwU) emphasized that the risk of lacking real rights is characteristic of almost all tokens, except for the base cryptocurrencies of layer 1 chains (L1). He noted: teams can stop buybacks or change the value distribution model at any time, and the protection of the treasury and user rights is currently provided only by limited mechanisms, such as ownership tokens of MetaDAO. The expert believes that the situation will not change until a regulatory framework at the level of CLARITY is adopted, which could define the boundaries of acceptable actions for teams.