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Sufficient Decentralization - by Marc Boiron.docx

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Sufficient Decentralization: A Playbook for web3 Builders and Lawyers By Marc Boiron, Chief Legal Officer at dYdX Trading1 Introduction Web3 builders have focused on the concept of “sufficient decentralization” ever since staff at the U.S. Securities and Exchange Commission introduced the concept in 2018. It led builders to focus on distributing the efforts of driving profits in a crypto-asset from a centralized company to unaffiliated community members working towards a common goal. Given that blockchains are nascent technologies, most legal advice around securities laws focuses on…

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