b'A Future VisionRepublicXs Mirror TokensWe advise fintech company RepublicX in connection with tokenized offer-ings. We recently advised on the development and issuance of Mirror Tokens. Mirror Tokens are structured as zero-coupon unsecured contingent pay-ment debt securities, the payments of which are based on the performance of equity securities of privately held companies. Payments may be tied to particular qualifying events, which include liquidity events, such as an initial public offering or an acquisition, of the referenced equity security. In this way, the debt securities are designed to mirror, in certain respects, the economic experience for a holder of investing in a specific reference security while holding a debt security. Given that many companies, espe-cially technology companies, are deferring their IPOs and choosing to remain private longer, opportunities for retail investors to invest directly in these companies have declined. This offers a broader range of investors an opportunity to participate in the potential upside associated with promising private companies.We advised on the structuring, documentation and regulatory strategy for this novel, tokenized instrument, addressing securities, derivatives, tax, broker-dealer and related issues associated with the offer and sale on an exempt basis in the United States and Europe. The tokens are issued as digital tokens on the Solana blockchain, leveraging Republics proprietary token strategy. A conventional fiscal and paying agent maintains an official ledger of ownership of the securities to align on-chain functionality with off-chain recordkeeping and settlement protocols.4'