Contrary to belief, the crypto industry's primary need is not deregulation but clear, predictable rules. The ambiguous "regulation through enforcement" approach, where rules are defined via prosecution, creates uncertainty that drives innovation and capital offshore.

In a company seeking its next funding round or acquisition, the CPO's strategic focus must shift. The primary "customer" to satisfy is not the end user, but the next investor or acquirer. This means building a business and product story that appeals directly to them.

To navigate a challenging financing environment, founders must build loyalty with their existing shareholders. This means frequent communication about wins and setbacks, even with the earliest "friends and family" investors, to ensure they feel part of the journey and will participate in future financing rounds.

A powerful, low-effort fundraising tactic is to maintain two investor update lists: one for current investors with full transparency, and a "dream investor" list. BCC your dream list on polished, highlight-reel updates showcasing strong traction and momentum, creating inbound interest without a formal ask.

Circle's CEO chose to engage US regulators from the start in 2013, a harder path than competitors who went offshore. This "buttoned up" approach, while met with hate from crypto purists, established long-term trust and a competitive moat, which proved crucial for attracting institutional partners.

While the early crypto market was dominated by cypherpunks advocating for anonymity, Coinbase took the opposite approach. They worked with banks and implemented KYC, betting that mainstream adoption required a compliant, trusted platform, even though it alienated the initial user base.

While issues like token proliferation and weak value accrual are problematic, the fundamental reason investors have lost trust is the absence of standardized disclosures and regular reporting. Investors are effectively "flying blind" due to missing, incomplete, or ad-hoc data, which is the root cause of poor market structure.

Failing to send regular investor updates is interpreted negatively by VCs. They assume either the company is struggling, or the founder is ungrateful and disorganized. Consistent communication, even when brief, maintains trust and keeps investors primed to help.

Instead of replicating the costly and often unengaging investor relations (IR) practices of public markets, crypto projects should leverage their native on-chain transparency. This data-rich environment enables a more proactive, compelling, and efficient way to communicate with investors that can surpass traditional models.