Internet reports that the DeFi Education Fund and the Uniswap Foundation claimed that the U.S. Securities and Exchange Commission should adopt a laissez-faire attitude towards decentralized autonomous organizations (DAOs) and should not include them in the scope of supervision. In a May 27 letter to Hester Peirce, head of the U.S. Securities and Exchange Commission's Crypto Working Group, they argued that if decentralized autonomous organizations are "sufficiently decentralized," they should not be included in the Howey test for defining securities because these organizations cannot be clearly identified and are not a coordinated group. They stated that unless there is evidence to the contrary, decentralized autonomous organizations should be treated as individuals or groups of individuals. The letter read: "If a decentralized autonomous organization has a wide distribution of token holders and those token holders have the opportunity to actively participate in and govern the organization and its network, then the organization is sufficiently decentralized that neither its network tokens nor transactions involving that network token should be considered securities."