meta_id 3528205

On September 25, 2026, the U.S. Securities and Exchange Commission (SEC) published frequently asked questions (FAQs) addressing the application of federal securities laws to certain types of crypto-assets and transactions involving crypto-assets. The FAQs represent the views of the SEC's Division of Corporation Finance staff and do not constitute a rule, regulation, or official statement of the Commission. The SEC clarified that the FAQs have no legal force or effect, do not alter or amend applicable law, and do not create new or additional obligations. The FAQs address two primary areas. First, they clarify the classification of crypto-assets under Section III of the Commission's March 17, 2026 Interpretive Release, including guidance on staking receipt tokens, redeemable wrapped tokens, and receipts generally. The SEC explained that staking receipt tokens serving as receipts for digital commodities function as digital tools, though they may also be classified as digital commodities if issued by protocol-based liquid staking providers. Second, the FAQs address crypto-assets subject to investment contracts under Section IV of the Interpretive Release, providing guidance on when promotional communications constitute representations or promises of essential managerial efforts, the treatment of buyback programs, and the circumstances under which functional crypto systems cease to be subject to investment contract classification. The SEC provided clarification that once a crypto system achieves functionality, services to secure, maintain, improve, or enhance the system would not constitute essential managerial efforts. Additionally, the Commission indicated that trading platforms offering secondary markets for crypto-assets would only be considered promoters if they meet the definition under Securities Act Rule 405. These FAQs provide market participants with staff-level interpretive guidance to facilitate compliance with applicable securities laws in the evolving crypto-asset market.