Token holder rights in decentralized finance (DeFi) are gaining renewed attention as debates surrounding governance tokens like $AAVE, $UNI, and $AXL intensify. These discussions are bringing to light structural questions within the DeFi ecosystem, particularly as they relate to governance and decision-making processes. The focus on token holder rights is expected to intersect with forthcoming U.S. market-structure legislation, which could have significant implications for the DeFi sector. As regulatory frameworks evolve, the role and influence of token holders in decentralized networks may face new challenges and opportunities.