Gate News bot message, the Crypto Assets lobbying group DeFi Education Fund and the Uniswap Foundation stated that the SEC ( SEC ) should not interfere in regulating Decentralized Autonomous Organizations ( DAO ).
In a letter to SEC cryptocurrency special working group leader Hester Peirce on May 27, both parties pointed out that if a DAO is “sufficiently decentralized,” the SEC should not include it in the definition of a security under the Howey test, as they cannot be identified and do not constitute a coordinated group. Unless otherwise proven, a DAO should be regarded as an individual or group.
The letter states: “If a DAO has a decentralized group of token holders, and they have the opportunity to actively participate in and manage the DAO and its network, then it is sufficiently decentralized such that the network tokens of the DAO and transactions involving those network tokens should not be considered securities.”
Source: Cointelegraph
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