The SEC’s Division of Corporation Finance released on September 25, 2026 a set of Frequently Asked Questions on how federal securities laws apply to crypto assets and transactions, updated three days later. Former federal prosecutor Renato Mariotti emphasizes that this document reflects only the views of agency staff, carries no legal force, and should not be treated as protection against future regulatory enforcement. The FAQ covers staking receipt tokens, decentralized network buyback programs, and how marketing communications factor into the Howey test, but names no specific crypto assets or protocols. This guidance builds on an Interpretive Release from March 2026 and follows a proposed rulemaking on crypto assets from August 2026, with no binding final rule adopted by the Commission yet.
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