On September 25, 2026, the SECโs Division of Corporation Finance issued FAQs expanding on its March guidance for crypto assets. The staff indicated that staking receipt tokens may be treated as digital tools or commodities rather than securities, and that token buybacks, routine protocol maintenance, and promotion focused on utility do not necessarily create an investment contract under Howey. The details still matter, especially what issuers tell buyers about a tokenโs function and potential returns. For functional networks and staking, the FAQs may offer greater clarity, but they express staff views and have no legal force.