DEF and Uniswap Foundation Submit Comments to the SEC Crypto Task Force on DAOs.

Today, May 27, 2025, DeFi Education Fund (DEF), in collaboration with Uniswap Foundation (UF), provided a new submission to the Securities and Exchange Commission (SEC) Crypto Task Force exclusively focused on decentralized autonomous organizations (DAOs) and decentralized governance. 

For context, our submission is in response to Commissioner Hester Peirce’s February 21, 2025 Statement, “There Must Be Some Way Out Of Here.”  DEF and UF’s joint-submission recommends three key principles for the SEC to implement to remedy its prior treatment of DAOs. 

• The Commission should treat DAOs with decentralized control over governance of the network as nothing more than disparate and dispersed groups of people, unless facts are developed that indicate otherwise.

• The Commission should recognize that DAOs with decentralized control over the governance of the network are not an identifiable and coordinated group of “others” undertaking efforts for the purposes of the “efforts of others” prong of a Howey analysis.

• The Commission should recognize that blockchain records are a uniquely transparent and immutable resource that eliminate informational asymmetries.

Read our full letter at the link below and consider responding to us with your own feedback, which we will take into account for future submissions to the Task Force.

DEF applauds the Task Force for seeking input from the industry and will continue to work with the Task Force to promote and protect DeFi, including by protecting decentralized governance related to blockchain networks. 

Link to PDF Submission