Crypto lobby group says SEC should back off regulating most DAOs

Crypto lobby group the DeFi Education Fund and the Uniswap Foundation have said the Securities and Exchange Commission should be hands-off on regulating decentralized autonomous organizations (DAOs). The May 27 letter to SEC Crypto Task Force lead Hester Peirce argued that the agency should not treat DAOs under the purview of the securities-defining Howey test if they’re “sufficiently decentralized,” as they are not identifiable and are not a coordinated group. Instead, the pair said DAOs should be treated as individuals or a group of persons unless proved otherwise.  “If a DAO has a dispersed collection of tokenholders who have the opportunity to actively participate in and govern the DAO and the network, it is sufficiently decentralized such that neither the network token for that DAO, nor transactions in which that network token are the object, should be considered a security source: https://cointelegraph.com/news/crypto-lobby-group-sec-should-back-off-regulating-most-daos?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound