What Is the “Sufficiently Decentralized” Standard in Token Classification?

The "sufficiently decentralized" standard, often associated with the Hinman speech, suggests that a token may no longer be a security if the network is so decentralized that purchasers no longer rely on the managerial or entrepreneurial efforts of a central promoter. This is a critical factor in arguing that a token has transitioned from a security to a non-security.