SEC Updates Crypto Guidance After CLARITY Act Fails to Advance

The US Securities and Exchange Commission (SEC) has updated its guidance on crypto assets, providing further detail on when token activities may fall outside federal securities laws.

The SEC's Division of Corporation Finance updated its crypto FAQs on September 25 2026 addressing issues including token buybacks, functional crypto networks, and staking receipt tokens.

For functional crypto systems, the SEC said an issuer's announcement of a buyback program would not constitute a promise to perform essential managerial efforts. However, this could change where a network is not yet functional and the buyback is presented as creating a return or yield for token holders.

The agency also said that once a crypto system is functional, activities to secure, maintain, or improve the network, or support network effects, would not necessarily constitute the essential managerial efforts required for an investment contract under the Howey test.