“Since
the
inception
of
our
crypto
enforcement
program,
our
view
has
been
that
the
label
‘DAO’
does
not
change
the
reality
of
who
is
behind
a
project,
what
activities
they
engage
in,
or
whether
their
activities
need
to
be
registered.
Nor
does
engaging
in
intermediation
of
securities
with
the
aid
of
automated
or
open
source
software
change
the
nature
of
such
activities,”
he
said
in
the
statement.
