In this compelling episode of BFRR – Bitcoin, Fiat & Rock'n'Roll, we explore the evolving intersection of decentralized finance (DeFi), blockchain governance, and traditional financial systems. Our guest is Dan Liebau, founder of Lightbulb Capital and affiliate faculty member at Singapore Management University, who brings a rare combination of academic rigor and hands-on industry insight to the discussion.
Dan shares his personal journey from early roles in fintech—before the term even existed—to founding a firm focused on blockchain innovation and becoming a respected voice in digital asset education. He offers a behind-the-scenes look at his transition from the trading floor to academia, and why he believes direct experimentation with new technologies is essential to meaningful research.
The conversation covers several key themes:
🔹 Security Tokens vs. Utility Tokens: Dan breaks down one of his most cited papers, which offers a practical and regulatory framework for distinguishing between types of digital assets. We explore the evolution of security token offerings (STOs), their early struggles, and how they may be poised for a resurgence.
🔹 DeFi Literacy and Institutional Relevance: Referencing his 2023 paper on DeFi literacy, Dan outlines why understanding blockchain mechanics is only one part of the equation. Strategic thinking, regulatory insight, cybersecurity awareness, and ethical considerations are just as critical for institutions looking to engage with DeFi in the next decade.
🔹 The Mechanics and Challenges of DAOs: Drawing from his recent book co-authored with Sandeep Oh, Dan dives into the world of Decentralized Autonomous Organizations. We examine their philosophical foundations, real-world complications, and the nuances of DAO governance—including voting dynamics, token delegation, and centralization risks.
🔹 Bridging Traditional Finance and DAOs: Can banks work with DAOs? Can DAOs become clients of financial institutions? Dan offers a grounded perspective on how hybrid models might emerge, how DAO structures could evolve, and what it will take for blockchain-native entities to engage meaningfully with regulators and established players.
🔹 The Human Side of Decentralization: We discuss what motivates people to form or join DAOs, how communities organize and stay engaged, and whether token-driven models of work and collaboration can truly replace or enhance traditional corporate frameworks.
With co-hosts Manuel and Stefan steering the conversation, this episode offers a rare blend of thought leadership, research-driven insight, and candid commentary. Whether you're a seasoned finance professional, a crypto enthusiast, or a curious observer of the digital economy, this episode provides both depth and clarity on one of the most dynamic frontiers in finance.
📩 Connect with Dan Liebau via LinkedIn or at danielliebau.org.
📢 If you enjoyed this episode, please subscribe, rate, and share it with colleagues and friends. Your support helps us bring more expert voices to the forefront of financial innovation.
Lambert, T., Liebau, D. & Roosenboom, P. Security token offerings. Small Bus Econ 59, 299–325 (2022)
Liebau, Daniel and Liebau, Daniel, Decentralized Finance: Impact on Financial Services and required DeFi Literacy in 2034 (October 14, 2024) Decentralized Autonomous Organizations: Daniel Liebau (Singapore Management University, Singapore) and Sandy Oh (Singapore Management University, Singapore) Singapore University of Social Sciences - World Scientific Future Economy Series. January 2025
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