Brick by Block:
Navigating the legal landscape of tokenizing real estate.
In a single-asset tokenized offering, the investment thesis is the property. In a multi-asset tokenized offering, the investment thesis is…
Jason Powell
Tokenized real estate does not eliminate cross-entity conflicts. In most cases, it adds a layer to them. A multi-entity structure…
Jason Powell
In most tokenized real estate offerings, the investor does not own the building. The investor owns an interest in the…
Jason Powell
A tokenized real estate offering typically involves three distinct roles: the sponsor who controls the asset, the issuer that creates…
Jason Powell
Tokenization changes the format of ownership and transfer. It does not change the need for a legal entity that gives…
Jason Powell
Fractionalized real estate makes ownership more accessible. It does not make governance easier. Dividing an economic interest across hundreds of…
Jason Powell
The transfer approval clause is the provision in a tokenized offering that connects wallet movement, securities law compliance, and the…
Jason Powell
Investor communications in a tokenized real estate offering are not a marketing function. They are a compliance function. Every material…
Jason Powell
In a tokenized real estate offering, the investor protections that matter are not the ones on the platform dashboard. They…
Jason Powell
On-chain governance and off-chain legal documents are two different systems that must agree with each other to work. When they…
Jason Powell
Investors in tokenized real estate often believe that owning a token means owning a piece of the decision-making. The answer,…
Jason Powell
A tokenized offering does not receive a lighter securities law analysis because the asset is on a blockchain. The SEC’s…