A16Z Crypto: If the Web3 system eliminates information asymmetry and reliance on governance, securities laws will not be required

A16z Crypto published an article "3 ways to organize decentralization in your startup", which states that the three main frameworks for decentralization include:
1. The ability of blockchain and smart contract protocols to create a trustless, autonomous ecosystem depends on the type of protocol you are developing.
2. Decentralization of the economy. If one person accumulates too much value, or one person is able to control the network by manipulating the price of tokens, then this will jeopardize the security and practicality of the entire system.
3. Decentralization of laws can eliminate some of the risks associated with asset transactions.
As for what to do with digital assets in Web 3, the article points out that if the Web 3 system can eliminate significant information asymmetries and can eliminate reliance on administrative work, then it can be said that the system is decentralized enough that securities laws no longer need to be applied. (Of course, founders often get confused when it comes to legal decentralization, and the rules are not clear enough at the moment because the Securities Exchange Commission has not yet formulated them in a very clear way.)