Crypto Lobby Group The DEFI EDUCATION FUND and the UNISWAP Foundation said that Securities and Exchange Commission should be practical on the regulation of decentralized autonomous organizations (DAO).
The letter of May 27 at the dry Crypto Task Force, Hester Peirce, argued that the agency should not treat the DAOS under the measure where the Howey test defining the titles is “sufficiently decentralized” because they are not identifiable and are not a coordinated group.
Instead, the pair said that the DAO should be treated as individuals or a group of people, except in cases no.
“If a DAO has a dispersed collection of tokens holders who have the possibility of actively participating and to govern the DAO and the network, it is sufficiently decentralized so that neither the network token for this DAO, nor the transactions in which this network token is the object, should not be considered as security.” The letter read.
The letter was published in response to the Peirce Declaration on February 21, which invited comments on the crypto.
Favorable regulatory environment
The SEC overturned its measures to apply cryptography under the Trump administration, which managed to install the former cryptographic lobbyist Paul Atkins to lead the agency.
Atkins said blockchain technology could inaugurate new forms of market activity.
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The following week, Atkins said that the regulator would not suffer innovation and did not castigate the Biden administration approach to crypto.
During a surveillance hearing on May 20 of May 20, Atkins confirmed that the first report by Crypto Task Force will be published in the coming months, the group also organizes a series of round discussions related to the crypto with industry players.
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