Token launch platform CoinList is re-entering the U.S. market for the first time since 2019 and is hosting a token sale for the DoubleZero Foundation, the team behind the DoubleZero protocol.

The DoubleZero token, called 2Z, will be available to U.S. accredited investors — marking CoinList's first sale open to U.S. participants in over five years. The last such offering was the Kadena token sale in 2019, CoinList president Scott Keto told The Block.

CoinList's return to the U.S. comes under the current Donald Trump administration, which has taken a more favorable stance toward the crypto industry. CoinList exited the U.S. in late 2019 as the U.S. Securities and Exchange Commission, under the Joe Biden administration, ramped up enforcement — moves widely viewed by the crypto sector as overly aggressive.

"The perceived risk of enforcement and its associated costs radically increased during the Biden administration," Keto told The Block. "We had many projects and companies following the rules, but that didn't stop an activist SEC from bringing unreasonable enforcement actions against that were almost all summarily dismissed in 2025."

Under the Trump administration, the SEC has dropped multiple lawsuits, including those against Coinbase, Kraken and Ripple.

Keto added that many projects aiming for community-centric token sales between 2020 and 2024 — such as Solana, Near and Ondo — chose to exclude U.S. participants due to the political and regulatory climate.

During that time, the crypto market (excluding bitcoin) surged 18x — from $60 billion to $1.15 trillion, Keto said. Yet U.S. investors were largely sidelined from early-stage participation, he added.

Praising the Trump administration's approach, Keto noted it wants America to lead on innovation in crypto.

"We are close to passing a stablecoin bill here in the U.S. and in conjunction or shortly thereafter, we expect a new version of the market infrastructure bill," he said. "This will bring a lot of regulatory clarity to the industry and I think likely to open up the markets to both founders and investors here in the U.S. It's time to bring it back."

DoubleZero token sale limited to validator communities

DoubleZero's token sale process on CoinList will run from April 2 to April 22. Uniquely, it will be open only to validators from five blockchain ecosystems — Solana, Sui, Aptos, Avalanche and Celestia — both in the U.S. and offshore.

"DoubleZero is base layer neutral infrastructure for the next generation of great distributed systems projects — as such, we structured this token sale to align operators of high performance infrastructure on permissionless systems with DoubleZero," Austin Federa, co-founder and CEO of DoubleZero, told The Block. "If resources and opportunity allowed, we would have loved to include every network, but it simply wasn't feasible."

DoubleZero describes itself as a global network built on real-world fiber — undersea and terrestrial — shared by multiple providers. It aims to give blockchain ecosystems a more stable and reliable data transport layer than the public internet, allowing validators to run faster and more efficiently. According to DoubleZero, the biggest bottleneck for validators today is not computing power but data movement.

There is no capital target for the DoubleZero validator token sale. Up to 1.5% of the 2Z token supply will be offered, with no set price targets, Federa said. There are currently 10 billion 2Z tokens, and like ether, it doesn't have a hard cap — its supply may increase through inflation and decrease through token burns, Federa added.

To participate, validators must submit a form between April 2–10, including their public key and, optionally, a price or budget. Only those who complete the form by the deadline will be eligible to purchase tokens. Allocations will be determined based on network stake and pricing input, with all eligible participants receiving a fixed offer at the final clearing price. The sale will be live from April 15 to April 22.

U.S. participants will face a one-year lockup period starting from the sale's closing date. For non-U.S. buyers, the lockup will be shorter: 40 days or until mainnet launch, whichever is later. All validators will receive tokens at the same price, regardless of location.

Earlier this month, DoubleZero Foundation raised $28 million in a token round co-led by Multicoin Capital and Dragonfly Capital, reportedly at a valuation of $400 million.

While DoubleZero is CoinList's first token sale involving U.S. investors in years, the platform expects more to follow. "The next wave of U.S. public token sales starts now," CoinList said.

As The Block recently reported, CoinList and community fundraising platforms like Echo and Legion have been gaining traction and helping projects raise capital in recent months.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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