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Following
XRP SEC updates frequently asked questions on crypto assets: XRP compliance is further clarified
On September 28, 2026, the U.S. Securities and Exchange Commission (SEC) Corporate Finance Department updated its frequently asked questions (FAQ) on crypto assets. This update builds on the original FAQ released on September 25, 2025, and the landmark March Interpretative Announcement, which classified XRP as a digital commodity. Well-known cryptocurrency analyst EGRAG CRYSTPTO (@ regcrypto) shared his interpretation on social media platform X, focusing on what this updated guidance means for this field.
It should be pointed out that this update does not have legal effect. SEC staff admitted this in the filing itself. Still, the guidelines strengthen the legal architecture surrounding the classification of crypto assets in significant ways, which is of great significance to XRP.
SEC JUST CLARIFIED SOMETHING BIG FOR CRYSTPTO 
SEC staff's updated Crypto Asset FAQ clarifies an important difference:
Crypto asset ≠ automatically an investment contractFunction changes how it is calculated
EGRAG CRYSTPTO extracts a key topic from the FAQ: Functionality, practicality, and decentralization are core elements of the SEC's evaluation of crypto assets. The updated file solves what happens after the encryption system reaches a functional state. At this stage, activities to secure, maintain or improve the network no longer constitute "necessary management efforts" under the Howey test.
The Howe Test is the legal standard for determining whether an asset is a security. Removing network maintenance from the "necessary management effort" category narrows the path through which functional networks are classified as securities.
XRP runs on a fully functional and decentralized network. The "Interpretative Announcement" in March clearly named XRP a digital commodity. The September FAQ further consolidated this position by clarifying the criteria for keeping functional networks outside the scope of investment contracts.
Promotion and repurchase are clearly defined
The updated FAQ also covers promotional activities. Promoting the current usefulness of encryption systems does not automatically constitute a statement or commitment to participate in necessary management efforts. EGRAG CRYSTPTO particularly emphasized this point. Practical-oriented publicity is legally distinct from promotional statements aimed at expected profits.
FAQ goes further on repurchase. A functional crypto system without a central party announcing the implementation of a repurchase program does not constitute a statement or commitment of necessary management efforts. Analysts listed this as one of the noteworthy clarifications in this update. This provides more operational flexibility for decentralized, functional networks.
Increasingly sophisticated regulatory architecture
This update is part of a broader regulatory shift established by the SEC through its 2016 guidelines. The March Interpretative Announcement established XRP's commodity status. The original FAQ dated September 25 was built on this basis. The update on September 28 further refined the relevant content.
EGRAG CRYSTPTO's summary of the document focuses on one core point: functionality, practicality and decentralization are the SEC's evaluation framework. According to existing guidelines, XRP meets all of these standards.
Agencies evaluating XRPs now have additional employee level guidance supporting classifying them as commodities.
