A quick review of the latest FAQ update on the SEC website reveals several positive aspects for DeFi development: The SEC has drawn a clearer line for crypto projects (especially DeFi) than before. Token holder voting itself is not considered "centralized control." As long as everyone votes independently, without collusion or additional agreements, it won't be considered a "central controller." What constitutes true centralized control? Only when an individual or organization can unilaterally decide who can and cannot participate, can arbitrarily change voting rules, appoint validators, modify code, or even retract transactions, is there a "central party." Ordinary voting doesn't count. Furthermore, "usable" and "decentralized" are two different things. As long as the system functions correctly and tokens can be used for their intended purpose, it's considered "functionally usable." Whether it's sufficiently decentralized depends on whether anyone holds control; different situations lead to different results. This is a recent clarification from a FAQ posted by an employee of the SEC's Corporate Finance Division. It's not a formal regulation or law, but it can be a valuable reference for project teams and regulators. The overall direction is favorable to DeFi.