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US SEC cryptocurrency regulatory guidance

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-30 14:58 UTC → 2026-10-06 21:36 UTC · added removed

The U.S. Securities and Exchange Commission (SEC) has issued new guidance through its Division of Corporation Finance to clarify the regulatory status of various cryptocurrency activities under the Howey test. Initial guidance addressed token buybacks and network maintenance. The SEC indicated that for functional networks, activities such as software upgrades, development grants, and token buybacks generally do not constitute the managerial efforts required to classify a token as a security. However, if a buyback is marketed to generate yield on a non-functional network, it may still be viewed as an investment contract. Additionally, the SEC introduced an Innovation Exemption for the conditional trading of tokenized stocks in permissioned environments. Subsequent clarification focused specifically on liquid staking tokens. The SEC determined that staking receipt tokens are not considered securities if they function strictly as receipts for an underlying digital commodity, such as Ethereum. To maintain this status as a ‘digital tool’, these tokens must not alter the rights of the locked asset, offer additional rewards, or involve the provider lending or reusing the deposited coins. In an updated FAQ released on September 28, SEC staff introduced a new requirement for token buybacks of non-security crypto assets. To avoid being classified as a promise of essential managerial efforts, the crypto system must be both functional and have ‘no central party.’ The SEC defines a central party as an individual, company, or group with operational, economic, or voting control over a crypto system. Regarding staking-receipt tokens, the guidance maintains that a receipt may qualify as a digital tool if it represents ownership of an underlying digital commodity that is not an investment contract. To qualify, the issuer must preserve On October 6, the deposited asset’s rights SEC released further updated FAQs addressing airdrops, protocol mining, protocol staking, wrapped assets, and benefits staking receipt tokens. The agency emphasized that these FAQs reflect only the views of agency staff and cannot transfer, lend, carry ‘no legal force or rehypothecate effect,’ meaning the assets. Commission has neither approved nor disapproved the contents.

Versions

  1. 2026-10-06 21:36 UTC US SEC cryptocurrency regulatory guidance
  2. 2026-09-30 14:58 UTC US SEC cryptocurrency regulatory guidance
  3. 2026-09-28 01:22 UTC US SEC cryptocurrency regulatory guidance

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