SEC Releases FAQ on Crypto Asset Compliance and Token Operations

The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance issued an FAQ on September 25, 2026, clarifying the regulatory treatment of crypto assets. The document addresses token buybacks, staking receipts, post-launch network development, and the status of trading platforms. It emphasizes that network functionality is a key factor in determining whether actions constitute 'key management efforts' under the Howey test. The SEC clarified that these responses represent staff views and do not carry formal legal weight or create new obligations.