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XRP The U.S. SEC updates FAQs on crypto assets to strengthen XRP's status as a digital commodity
On September 28, 2026, the U.S. Securities and Exchange Commission (SEC) Corporate Finance Department released the latest revision of FAQs on crypto assets. Based on the initial edition on September 25, this revision further consolidates the position of classifying Ripple Coin (XRP) as a digital commodity in the Explanatory Announcement in March.
Core themes of the SEC guidelines
According to well-known cryptocurrency analyst EGRAG CRYSTPTO, the latest FAQs emphasize the importance of asset functionality, practical utility and decentralization in the SEC evaluation process. Although the guidance document itself is not legally binding, SEC staff have confirmed this nature in the document. However, EGRAG CRYSTPTO pointed out that clarity regarding the classification of crypto assets is of great significance, especially for XRP and similar assets.
The updated FAQ clearly states that crypto assets do not automatically constitute an investment contract and that functional networks can continue to be maintained and upgraded without necessarily associating core management efforts. The March Interpretative Announcement officially recognized XRP as a digital commodity, while the September FAQ further clarified the criteria for distinguishing functional encrypted networks from investment contracts.
Background: The Howey Test
The Howey Test is a legal test established by the U.S. Supreme Court to determine whether a financial transaction constitutes an "investment contract" and is therefore recognized as a security under federal law.
Functional and promotional activities under SEC rules
EGRAG CRYSTPTO emphasizes that the SEC's position is that once an encryption system reaches a functional state, actions aimed at safeguarding, maintaining or improving the network are no longer considered a "core management effort" in the Howe test. This distinction reduces the likelihood of active and decentralized encrypted networks being labeled securities.
In addition, FAQs also cover promotional activities. SEC staff clarified that simply promoting the current utility of cryptocurrencies does not automatically mean a commitment to management efforts. Such promotions are fundamentally different from statements that promise profits or imply future management intervention.
For functional crypto networks without a central authority, the announcement of a repurchase program does not represent a commitment to core management actions, giving these networks greater operational flexibility. The SEC's latest guidance allows fully functional, decentralized crypto networks to implement repurchase programs without automatically raising concerns that they constitute an investment contract.
Regulatory Trends for XRP and Related Assets
This update to the FAQ comes at a time of broader regulatory shift in the SEC. An explanatory announcement in March declared XRP a commodity, and subsequent guidance documents, including the latest FAQs, expanded these definitions.
EGRAG CRYPTO的分析指出，功能性、效用和去中心化仍然是SEC评估框架的核心。运行在去中心化且功能性网络上的XRP，现在拥有了额外的指导支持，进一步巩固了其作为数字商品的分类地位。考虑配置XRP的机构投资者可以依赖这种扩大范围的员工层面指引，从而在当前监管框架下支持其非证券的地位。
