SEC Updates Crypto Guidance After CLARITY Act Stalls
- —Buybacks by functional crypto networks do not imply essential managerial efforts
- —For non-functional networks, buybacks framed as yield may signal an investment contract
- —A staking receipt for a non-security asset is not itself a security
- —The FAQs are staff views with no legal force or new obligations
Why it matters: The guidance reduces uncertainty for token issuers while Congress has yet to pass a market structure framework.
Source: BitcoinKE