The decentralized finance education fund (DeFi Education Fund) and the Uniswap Foundation stated that the U.S. Securities and Exchange Commission (SEC) should exercise restraint in regulating decentralized autonomous organizations (DAOs).
In a letter dated May 27 to Hester Peirce, head of the SEC's crypto task force, they argued that if a DAO is "sufficiently decentralized," meaning there are no identifiable entities or coordinated groups, then the agency should not include it within the scope of the Howey test for securities.
Instead, the two organizations stated that DAOs should be viewed as individuals or a group of people, unless there is evidence to the contrary.
The letter stated, "If a DAO has a decentralized group of token holders who have the opportunity to actively participate in and manage the DAO and its network, then the DAO is sufficiently decentralized, and therefore the network tokens of that DAO and transactions involving those network tokens should not be considered securities."
This letter was a response to Peirce's statement made on February 21, which invited comments on cryptocurrency.
Under the Trump administration, the SEC underwent a shift in its approach to crypto enforcement, successfully appointing former crypto lobbyist Paul Atkins to lead the agency.
Atkins stated that blockchain technology could open up new forms of market activity.
The following week, Atkins confirmed that regulators would not stifle innovation and criticized the Biden administration's stance on cryptocurrency.
During the SEC oversight hearing on May 20, Atkins confirmed that the crypto task force's first report would be released in the coming months, and the group had also held a series of crypto-related roundtable discussions with industry participants.
Related: The UK Financial Conduct Authority (FCA) seeks public input on stablecoin and cryptocurrency custody regulation.
Original: “Crypto lobby group says SEC should stop regulating most DAOs”
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