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ARTICLE · 12 SEPTEMBER 2025

Beyond Fintech: Crypto Compensation—Designing Token Incentives That Work (Podcast)

A&O Shearman
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The three structures dominating today's market: restricted tokens, token units, and phantom token units

United StatesTechnology
The crypto market may have cooled, but demand for digital-asset talent hasn't. In our newest Beyond Fintech podcast, compensation lawyers Hayde Faria and Jai Garg dissect the fast-moving world of token-based incentive plans—explaining how employers can pay and retain top performers with cryptocurrency while steering clear of regulatory and tax pitfalls.

Joining the conversation:

  • Hayde Faria, associate in our Compensation, Employment and Governance group
  • Jai Garg, partner and long-time adviser on equity and token incentives

Together, they tackle:

  • Why tokens are not equity—and why that distinction matters for plan design
  • The three structures dominating today's market: restricted tokens, token units, and phantom token units

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