The SEC's Frequently Asked Questions (FAQs) on crypto asset classification today added three key questions that are worth reviewing. These three questions further clarify the relationship between decentralized governance, network control, and token functionality. The core of this update is not to reclassify tokens, but to answer a long-standing regulatory question: Who controls a crypto system? How do we determine if it truly achieves decentralization? Of particular note is the SEC staff's explanation, which provides a clearer framework for judging the coexistence of legal entities like DUNA with decentralized governance. DUNA (Decentralized Unincorporated Nonprofit Association) is a legal organizational form established in Wyoming, USA in 2024, designed to allow decentralized organizations like DAOs to sign contracts, manage assets, and assume legal responsibility, while retaining on-chain community governance. The key point of the SEC's explanation is that the existence of a central controlling party depends on actual control, not on whether a DUNA or foundation has been established. The three questions are: Question 1.4: Do participants in a broadly governed system constitute a "group" under the definition of a "central party"? Question 1.5: What is "oversight participation" by the central party? Question 1.6: What is the relationship between "functional" and "decentralized"? You can find detailed answers to these three questions on the SEC website. For the industry, they provide a clearer framework for designing project governance structures, assessing the likelihood of falling into the digital commodity (rather than security) category, and communicating with regulators, reducing reliance on "broad" [categories/methods].