CoinList's Andy Bromberg: The Future of Crypto Fundraising

— Andy Bromberg's work at Stanford Bitcoin Club (2012–2014) advocating for Bitcoin adoption among VCs, building infrastructure like TryBTC, and conducting academic research on Bitcoin economics.

— CoinList's role as a compliance platform for token sales, having vetted over 2,500 projects but publicly launched only five (Filecoin, Blockstack, Props, Origin, Trust Token).

— Framework for evaluating token projects: team, product, market, deal terms, legal structure, and token economics—with the last two being crypto-specific additions.

— Airdrops as a distribution mechanism separate from fundraising, using Reg S (international) and Reg CF (US crowdfunding) to legally overcome securities law barriers.

— Security tokens remain early-stage, with most projects either distressed assets or priced at unrealistic premiums; better infrastructure and liquidity needed to mature the category.

— Regulatory enforcement pattern: SEC moving from obvious scams to gray-zone actors, signaling stricter compliance expectations across the industry.

— Evaluate token projects using six criteria: team quality, product viability, market size, deal economics, legal structure, and token economics. Failure in token economics alone disqualifies otherwise sound projects.

— Airdrops and direct distribution should be considered separately from fundraising rounds; compliance tools like Reg S and Reg CF now enable global, compliant token distribution without requiring all investors to be accredited.

— Institutional capital influx (pension funds, sovereign wealth, endowments) into Bitcoin and digital assets is likely 12+ months away; adoption will be gradual, driven by individual portfolio managers convincing colleagues and boards rather than a single catalytic event.