SEC staff issued guidance stating that independent token voters who are unaffiliated and have no separate agreement to act together — including through delegation arrangements — generally do not constitute a "central party" under federal securities law.
The staff views carry no legal force but signal the regulator's interpretation of how decentralized governance participation is treated under existing frameworks, potentially clarifying compliance expectations for DAO participants and token holders exercising voting rights independently.
SEC Staff: Independent Token Voters Generally Aren't a 'Central Party' Under Securities Law
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