SEC issues non-binding crypto guidance via updated FAQ

The Securities and Exchange Commission (SEC) Division of Corporation Finance has released updated Frequently Asked Questions (FAQ) regarding the application of federal securities laws to various crypto assets and transactions. The document addresses topics such as airdrops, protocol mining, protocol staking, wrapped assets, staking receipt tokens, and token buyback programs.

Crucially, the SEC has noted that the FAQ reflects only the views of agency staff and carries no legal force or effect. The Commission has neither approved nor disapproved the contents, meaning the guidance is interpretive rather than a formal setting of rules. Former federal prosecutor Renato Mariotti cautioned that market participants should view the document as a reference point rather than legal protection against future regulatory actions.

The FAQ builds upon an interpretive release from March 2026 and follows an August proposal for Regulation Crypto Assets. That separate proposal includes potential registration exemptions for certain investment contract offerings and a conditional safe harbor, though those provisions remain proposed rules.