I asked Google AI ABOUT "sec dao requirements"
I got this:
"The Securities and Exchange Commission (SEC) views DAO tokens as "investment contracts" subject to U.S. securities regulations, particularly focusing on whether the asset holders expect profits from the "efforts of others". This means DAOs offering or selling securities must register with the SEC or qualify for an exemption. "
sources:
- https://www.sec.gov/newsroom/press-releases/2017-131#:~:text=The%20Securities%20and%20Exchange%20Commission,register%20unless%20they%20are%20exempt.
- https://www.omm.com/insights/alerts-publications/securities-regulations-and-daos/#:~:text=The%20SEC%20concluded%20in%20its,be%20submitted%20for%20a%20vote.
- https://www.sec.gov/files/litigation/investreport/34-81207.pdf
- https://corrcronin.com/2022/02/dao-formation-and-securities-laws/#:~:text=The%20SEC%20makes%20clear%20that,the%20founders%20running%20the%20DAO.