The November 2, 2026 SEC update on governance tokens represents nonbinding staff guidance rather than formal law or regulation, leaving open the possibility that future regulators interpret governance token control differently

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Comprehensive legal regimes for digital assets, such as the EU's MiCA and proposed US market-structure bills, defining how tokens are issued, traded, and supervised.