SEC outlines new guidance for governance tokens, does not grant UNI automatic commodity status

The US Securities and Exchange Commission (SEC) has issued updated guidance relating to governance tokens, clarifying how broad-based participation in on-chain voting may be treated under its digital-commodity framework. The SEC’s Division of Corporation Finance added this clarification to its crypto asset FAQ on November 2, 2026, providing greater detail on when governance activity could signal central oversight. This update does not classify UNI, or any specific token, as a commodity. The newly added FAQ sections address essential distinctions between decentralized governance and central-party control. Staff stated that unaffiliated participants who vote in protocol governance—such as holders of tokens like UNI—are not generally considered a central party simply for voting, unless they have a separate agreement or shared intention to act together beyond governance participation.

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