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Key Takeaways
- Unaffiliated voters generally aren’t treated as one group.
- Delegation and informal coordination still count.
- Unilateral access or code powers point to control.
- Working software and decentralization are separate tests.
The Division of Corporation Finance added questions 1.4 to 1.6 to its crypto asset FAQ on November 2, extending a page first published on September 25.
What Staff Added on November 2
Each new answer takes up one piece of the control test in the SEC’s March interpretation. That test turns on whether a “central party” (a person, entity or group with operational, economic or voting control) stands behind a crypto system. Question 1.4 asks when governance participants count as a group that could make up such a party. Question 1.5 explains what it means for a central party to oversee participation in a system. Question 1.6 separates a system that works from one that nobody controls.
The group answer comes with a state...
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