JUST IN: 🇺🇸 The SEC keeps moving on crypto without Congress, adding 3 new answers on who controls a crypto network. Under the new guidance: 1. Token holders voting on a network generally don’t count as a “central party,” unless they’re affiliated or agree to act together. 2. A central party “oversees participation” if it can control access at the protocol, validator or user level. 3. A network being “functional” (its token actually works on it) is different from being “decentralized” (no one controls it). It’s the SEC’s latest crypto move since the CLARITY Act failed a Senate vote 49 to 50 on Sept 15: - Sept 17: an exemption for trading tokenized US stocks on blockchain venues - Sept 25: a crypto FAQ on how securities laws apply to tokens - Oct 1: a proposal on how investment advisers and funds can hold crypto