In its “Initial Assessment of Community Proposals” the ECC states:
… However, we do not know whether the SEC has a view on whether Zcash is an investment contract. It is important that the community doesn’t, through their development fund decision-making process, introduce doubt about whether Zcash is actually a security. As the major outcome of this decision-making process appears to be further increasing decentralization, it should increase confidence that Zcash is not subject to SEC regulation. …
Given this statement the following question arises.
Was the discussion about the Development Fund designed and implemented by the ECC and/or the Zfnd to pretend “further increasing decentralization” of Zcash, by means of pretending an independent community, to avoid the classification of Zcash as a security by the SEC, while being able to determine it’s future funding as much as possible?
I’m really interested in opinions about this question, especially since I’m currently not able to answer it myself.