The SEC staff FAQ Q 1.4 establishes that crypto systems can maintain decentralized governance while utilizing legal entities like Wyoming Decentralized Unincorporated Nonprofit Associations (DUNAs)

How blockchain protocols make collective decisions about upgrades, funding, and rules, whether through on-chain voting, off-chain social consensus, or foundation stewardship.

Decision-making processes and decentralized autonomous organizations used to manage communities and protocols.