Fireside Chat on DAOs and Regulation

Are DAO governance tokens securities? Can this finding be mitigated by a fair launch, and what are the steps necessary to complete such a fair launch? How should the SEC think about protecting investors in organizations that do not adopt traditional business and accounting practices? How should the SEC regulate DAOs given their lack of central authority, and does the use of “shadow centralization” at DAOs increase regulatory risk? What is the potential impact on defi protocols of the SEC’s proposed rule changes that would greatly expand the scope of Regulation ATS? Are more companies likely to move to defi in light of the BlockFi settlement, and is this a good end result?