First, no legal advice. Second, it depends. Now legalese aside, let’s dive into your questions 👇

1. What defines a centralized vs. decentralized project?

No one really knows. An important SEC official dropped the term “sufficiently decentralized” in a 2018 speech, and ever since, law firms have been using it to sell legal opinions to token issuers.

I do recommend reading this memo on the YFI token launch by a brilliant US lawyer. It dives deep into the concept of decentralization:

https://metalex.substack.com/p/why-yfi-are-not-investment-contracts

Farcaster is awesome -- @buzko, a lawyer, took the time to answer all of the common crypto founder/startup questions I often see and share his insights with everyone ⤵️

building skala.io, partner at buzko.legal

Core team @base • Former maintainer: bitcoin.org • Editor: Mastering Bitcoin & Mastering Ethereum • Developer: github.com/wbnns

Ever tried living off-grid for a week? 🌿 It's surprisingly liberating! 