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BTC 
ETH The SEC's Corporate Finance Department releases answers to frequently asked questions on the application of crypto-asset securities laws
On September 25, staff from the Corporate Finance Department of the U.S. Securities and Exchange Commission (SEC) released a new set of frequently asked questions (FAQs), clarifying how federal securities laws apply to crypto-assets. The guidance document was released on the SEC's official website. It is a further refinement of the committee's March 17 explanatory statement and the August 18 "Cryptographic Assets Regulations" proposal. It focuses on answering questions about asset classification, pledge receipt tokens, encapsulation tokens, and issuer repurchase and other specific issues.
The SEC's classification definition of pledged receipts and encapsulated tokens
FAQs clarify how the committee's classification framework handles "receiver-based" tools. If a pledge receipt token represents a digital good that does not constitute an investment contract, it is considered a digital instrument in itself because its actual function is to prove the holder's ownership of the underlying asset. Staff added that when a protocol-based liquidity pledge provider issues such tokens, the pledge receipt token can also be classified as a digital commodity because its value stems from the operation of a functional encryption system.
Guidance document distinguishes receipts from other financial instruments. The receipt only proves that the assets have been deposited and does not change the rights of the holder; at the same time, the issuer may not transfer, lend, pledge or re-mortgage the deposited assets. Staff pointed out that this rule also applies to redeemable encapsulated tokens.
The actual meaning of "functionality" and "decentralization"
Staff explained that the definitions of "functionality" and "decentralization" in the explanatory statement mainly govern how the committee classifies crypto assets, rather than judging whether the issuer has fulfilled its own propaganda or commitments. Each issuer determines the criteria it needs to meet to claim "functional" or "decentralized" attributes in marketing. Once a system reaches a functional state, providing security, maintenance, improvement or enhancement services to it, or funding development activities that create network effects, there is no "necessary management effort" involved, which is closely related to the Crypto Assets Ordinance proposal.
Repurchase Program and Trading Platform
FAQs explore issuer repurchase programs for treasury management, supply reduction, agreement funding destruction and rebalancing. Where the encryption system is functional, announcing a repurchase plan does not constitute a statement of commitment to necessary management efforts. However, if the system is not functional, staff warn that if the issuer portrays a repurchase as creating revenue or return for the holder, the announcement may be considered a violation.
The release of FAQs continues the SEC's efforts in 2026 to define how securities rules apply to digital assets, following a March explanatory statement jointly issued with the Commodity Futures Trading Commission (CFTC). FAQs clearly pointed out that these contents only represent the views of the staff, are not rules or formal statements of the committee, and have no legal effect.
