Are all DAOs decentralized?

In general, the decentralization of a DAO increases with time as the network matures. Ultimately this is determined by the amount of entrepreneurial activity and value created at the edges of an organization, rather than inspired by a central leader.

Sufficient Decentralization

Sufficient decentralization is a concept that the SEC has used to determine whether a digital asset should be classified as a security. While this has yet to be tested in court, there are lawyers who have made theoretical boundaries.