The SEC released new FAQs on September 25 to clarify how its March 2026 Interpretive Release applies to crypto assets. These FAQs, which are not binding rules but staff guidance, specify that staking receipt tokens can be classified as digital tools if they represent ownership of an underlying digital commodity. The SEC also established that investment contracts depend on specific facts, promises and profit expectations, while buybacks do not qualify for functional systems unless promoted as generating returns for a non-functional system. The CFTC updated its own FAQs the day before, confirming that certain permitted assets can be held in tokenized form and that regulated firms can use blockchain for recordkeeping.
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