[SEC Staff Clarifies Central Party Determination Criteria for Token Governance Participants] According to a Q&A on crypto assets released by the U.S. Securities and Exchange Commission (SEC) Corporate Finance Division on November 3, unrelated participants who do not have coordinated actions outside of participating in a broad governance system are generally not considered a central party group in the definition of digital goods, depending on the specific facts and circumstances. Even if participants constitute a group, they must possess operational, economic, or voting control to meet the definition of a central party. The staff also stated that unilaterally deciding on system access permissions, upgrading voting procedures, validator qualifications, or modifying code can constitute oversight of system participation. This Q&A reflects only the staff's opinion and has no legal effect, nor has it been approved or rejected by the SEC.