SEC Updates Crypto Guidance Following Stalled CLARITY Act

The U.S. Securities and Exchange Commission (SEC) updated its crypto asset FAQs on September 25, 2026, to clarify the application of federal securities laws. The guidance addresses token buybacks, functional networks, and staking receipt tokens, noting that these staff views do not constitute formal rules or legal obligations. This update follows the failure of the CLARITY Act to advance in the Senate and provides further insight into the SEC's interpretation of crypto activities under the Howey test.