a frequent line you will hear from crypto-VCs' lawyers is "the board doesn't owe tokenholders fiduciary duties"

this is only partly true; in fact, the board owes *some* tokenholders fiduciary duties--the ones who also happen to be stockholders of the Company

if there is a plan of token distribution being agreed and the project founders/management want to ensure they can use tokens for community benefit in ways that may be neutral or adverse to the stockholders, stockholders need to agree not to use their stock rights to thwart that

this is another huge ongoing oversight in documentation within the still very immature 'token venture financing' deal market