Why Pre-IPO Perps Sidestep the Legal Risk That Kills Tokenized Spot

Description

There are two ways to get pre-IPO exposure onchain: derivatives and tokenized spot. In this clip, Dio Casares of Patagon explains why he's much more bullish on the derivative side. Tokenizing private stock interests exposes holders to US six-month holding-period regulations and the key-man risk of SPV structures. Pre-IPO perps carry ADL risk and price wick risk, but those are market risks that investors accept, not legal risks that somebody screwed up. Host: Laura Shin: Host, Unchained Guest: Dio Casares: Founder & CEO, Patagon This clip is from a longer conversation on the pre-IPO market, secondary share voiding, and who controls the private market liquidity layer. Full episode here: https://youtube.com/live/cnlhuyQ1Rh4 New episodes every week — subscribe so you don't miss them. Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. Chapters: ⛓️ 00:00 Why US holding-period rules make tokenized spot legally dangerous ⚠️ 01:46 Dio: key-man risk in SPV structures vs. market risk in perps _______________________________________________________ #bitcoin #ethereum #crypto #cryptocurrencies ++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe to our channel! Website → https://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!