The SEC’s crypto FAQs give project teams a clearer picture of how staff think about token classification, staking receipts and buybacks. They don’t give anyone new legal protection. The Division of Corporation Finance’s page says its answers are staff views, haven’t been approved or disapproved by the Commission, and have no legal force or effect.

That distinction matters. Projects can use the FAQs to understand staff reasoning, but the answers don’t amend applicable law or create new obligations.

Functionality Doesn’t Test an Issuer’s Promises

One FAQ examines how an issuer’s definition of a functional or decentralized network relates to the SEC’s classification framework. The answer draws a useful line. An issuer may set its own…