SEC adds 3 crypto FAQ entries on governance and token status

The U.S. Securities and Exchange Commission has updated its crypto asset FAQ with three entries explaining how shared governance, control over network access, and decentralization fit into its token classification framework. Three new answers address governance participation, control over network access, and the meaning of functionality. Governance through an organization or foundation does not automatically make participants a controlling group. Staff guidance distinguishes a usable crypto system from one operating autonomously without centralized control. The FAQ carries no legal force, drawing attention to the distinction between guidance and legislation.