On November 2, the SEC’s Division of Corporation Finance updated its crypto asset FAQ, adding three answers directly related to token classification.
First, who does not count as a centralized entity? Governance participants in a functional crypto system generally do not constitute a centralized entity if they are unaffiliated with one another and have no agreement, arrangement, or understanding to act in concert. The conclusion is the same if the governance structure is affiliated with an organization, association, or foundation. This clearly distinguishes participation in governance from control over the system.
Next, what counts as supervisory involvement? It means being able to control access at the protocol, validator, or user level—for example, unilaterally granting or restricting access, or deciding on or changing the voting process for software upgrades. These examples all point to the same thing: someone holding the switches.
There is also an easy-to-overlook point: functionality and decentralization are two different concepts. A system being able to operate does not mean it is already decentralized.
The document notes at the end that these are staff views only and have no legal force. The boundaries have been laid out, but the classification of any individual token remains a case-by-case matter.
$BTC $ETH #加密监管 #Token Classification
First, who does not count as a centralized entity? Governance participants in a functional crypto system generally do not constitute a centralized entity if they are unaffiliated with one another and have no agreement, arrangement, or understanding to act in concert. The conclusion is the same if the governance structure is affiliated with an organization, association, or foundation. This clearly distinguishes participation in governance from control over the system.
Next, what counts as supervisory involvement? It means being able to control access at the protocol, validator, or user level—for example, unilaterally granting or restricting access, or deciding on or changing the voting process for software upgrades. These examples all point to the same thing: someone holding the switches.
There is also an easy-to-overlook point: functionality and decentralization are two different concepts. A system being able to operate does not mean it is already decentralized.
The document notes at the end that these are staff views only and have no legal force. The boundaries have been laid out, but the classification of any individual token remains a case-by-case matter.
$BTC $ETH #加密监管 #Token Classification
