The United States regulator has again clarified its views on the crypto industry. This time, the SEC highlighted how tokens, governanceand the level of decentralization can influence how a crypto project is assessed.
Guide which was updated on Monday (02/11/2026) is not a new rule. However, its contents provide a clearer picture of how regulators view the structure, control and workings of a crypto network.
SEC Clarify How to Look Token Crypto
In its latest guidance, the SEC’s Division of Corporation Finance staff discussed a number of types of crypto, including digital commodities, Staking Receipt Tokenas well as a network that is already functioning and decentralized.
One of the important points, digital commodities are not automatically considered securities. Token they can have a real function on the network, for example to use services or participate in certain systems.
The SEC also differentiates existing networks functional with a real network decentralized. The two are related, but describe two different conditions that need to be looked at separately.
“Functional and decentralized are two different concepts that address different aspects of the design and operation of a crypto system,” wrote SEC staff in guidance updated on Monday (02/11/2026).
In simple terms, a network is called functional when native tokensit has been used according to its function. Meanwhile, decentralization is more related to who has control over the network.
Have Governance Doesn’t Necessarily Mean Centralized
Another interesting part comes when the SEC comes to the table broad-based governancenamely a decision-making system that involves developersoperators nodes, validator, minersup to the holders token.
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According to the SEC, the existence of many parties in the system governance does not automatically make them considered one centralized group. The relationship and coordination between them is also a concern.
“Participants in the system broad-based governance “generally they will not be considered as one group if they are not affiliated and do not have an agreement or understanding to act together,” they explained.
Understanding Decentralization: The Big Mission that Cryptocurrencies Bring
This means the number of holders token who did it voting is not enough to make a network considered controlled by one party. Regulators keep looking at who really holds the power.
The SEC gives several examples, such as the ability to limit user access, determine who can validate transactions, change processes votingto changing codes or rules blockchain network unilaterally.
“A centralized party supervises participation when it has the authority to control access to the crypto system, both at the protocol level, validatoras well as users,” wrote SEC staff in the explanation.
What is the Impact on Crypto Projects?
This explanation is quite important for crypto projects because the network structure is related to assessing whether an asset has the character of a contract investment under the US securities legal framework.
The SEC said promotions about network functions or capabilities are not automatically considered promises of profit. Statements regarding technological development also do not fulfill the elements of managerial effort that are of concern to regulators.
Once underway, activities such as improving systems, maintaining security, improving features, or helping network growth are also not automatically considered efforts that determine profits for the network. holders.
“After the crypto system became functionalservices to secure, maintain, repair, or upgrade such systems will not be deemed to involve essential managerial efforts,” SEC staff explained.
Program buyback also received attention. On networks that are already functioning and do not have controllers, repurchase announcements token non-securities are not considered to be a promise to provide benefits.
However, conditions can be different if the network is not yet functioning and buyback marketed as a way of creating yield or profit. In those situations, regulators may view it differently.
While not a new rule, this guidance shows that the SEC is increasingly highlighting token functions, control structures, and levels decentralization as an important factor in assessing crypto projects in the United States.
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