SEC staff issue FAQs on staking tokens, buybacks and issuer promises to buyers
SEC Division of Corporation Finance staff issued FAQs on Sept. 25 covering staking receipts, buybacks, network upgrades and the profit promises issuers make to token buyers.
Why it matters
The answers give issuers and exchanges a staff-level view of which marketing claims and staking structures they can describe without turning an offer into an investment contract, but the staff says results turn on the facts and the Commission has not adopted the answers. Coinbase and Lido disclosures cited by CryptoSlate show what a liquid-staking token does not do: Coinbase says eligible cbETH holders unwrap to staked ETH first and then need a separate unstaking step, and Lido's stETH redemptions run through a protocol withdrawal queue rather than an on-demand conversion.
Where the sources disagree
How the FAQ set treats staking tokens
FAQs clarify when staking tokens fall outside the definition of a security under federal law
Bitcoin Insider
A qualifying staking receipt may be a digital tool, a protocol-issued token may be a digital commodity, and neither cbETH nor stETH is classified by name
CryptoSlate
Bitcoin Insider characterized the guidance as clarifying when staking tokens escape securities rules, while CryptoSlate reported a conditional split between receipt tokens and protocol-issued tokens with no named token classified.
How the FAQ release was sourced
Reported from crypto.news and The Cryptonomist, with no issue date given
Bitcoin Insider
Issued Sept. 25 by staff in the SEC's Division of Corporation Finance
Bitcoin.com News, Bitcoin Insider, CryptoSlate
Bitcoin Insider presented the news as coming from reports by crypto.news and The Cryptonomist, whereas Bitcoin.com News, Bitcoin Insider's syndication and CryptoSlate attributed the document directly to SEC staff and dated it Sept. 25.
Key facts
Staff in the SEC's Division of Corporation Finance issued a FAQ set on Sept. 25 covering functional crypto systems, promotional statements, network upgrades, token buybacks, staking and the role of trading platforms.
Disputed figureReported by Bitcoin.com News
The document is staff guidance rather than a rule, carries no legal force or effect, and the Commission has neither approved nor disapproved the answers.
Reported by Bitcoin Insider
Staff said a qualifying staking receipt for a digital commodity may be a digital tool, while a token issued by a protocol-based liquid-staking provider may instead be a digital commodity.
Reported by CryptoSlate
The staff did not classify Coinbase's cbETH or Lido's stETH by name, leaving their terms to determine who holds the deposited ETH and how redemption works.
Reported by CryptoSlate
The FAQ defines a staking receipt by the rights it represents, as evidence that an asset was deposited and that ownership and control do not pass to the receipt issuer.
Reported by CryptoSlate
Staff said promotional material focused on a system's current functionality, or on potential features in indefinite aspirational terms without profit promises, would not ordinarily constitute a representation of essential managerial efforts on its own.
Reported by Bitcoin.com News
Staff said later token sales can remain securities transactions while issuer promises stay connected to the asset, and that buyback claims are assessed differently on functional and unfinished networks.
Reported by Bitcoin.com News
Coinbase says eligible cbETH holders unwrap to staked ETH first and then need a separate unstaking step to receive ETH, while Lido's stETH uses a protocol withdrawal queue and market sales depend on available buyers and price.
Reported by CryptoSlate
What happened
Staff in the Securities and Exchange Commission's Division of Corporation Finance issued a set of frequently asked questions on Sept. 25, according to Bitcoin.com News, Bitcoin Insider and CryptoSlate. Bitcoin Insider reported that the answers have no legal force or effect and that the Commission has neither approved nor disapproved them, which makes the document staff guidance rather than a rule. One group of answers addresses staking: CryptoSlate reported that staff said a qualifying staking receipt for a digital commodity may be a digital tool, while a token issued by a protocol-based liquid-staking provider may instead be a digital commodity, and that the staff did not classify Coinbase's cbETH or Lido's stETH by name. Bitcoin.com News reported that staff said promoting a network's current uses, or broad future feature plans, would not by itself promise essential managerial efforts unless potential profits are promoted, and that later token sales can still be securities transactions while issuer promises stay connected to the asset. The same report said buyback claims are assessed differently on functional and unfinished networks, and that the answer depends on the facts and circumstances. Bitcoin Insider, an aggregator that cited crypto.news and The Cryptonomist rather than naming the division, framed the release as clarifying when staking tokens escape securities rules, said the analysis has hinged on the Howey test, and reported that the SEC has previously brought enforcement action against staking-as-a-service programs, which it said drew the most scrutiny.
How the story developed
- Official statement
SEC Division of Corporation Finance staff issue crypto FAQs
The document covers staking, promotional statements, network upgrades, token buybacks and trading platforms, and staff said the answers have no legal force or effect.
- First report
First report by Bitcoin Insider
SEC Staff Issue FAQ Clarifying When Staking Tokens Escape Securities Rules
- Official statement
Official statement from Bitcoin.com News
SEC Staff Clarifies How Crypto Promises Affect Securities Treatment
- Update
Bitcoin.com News details what issuers tell token buyers
It reported that promoting a network's current uses would not by itself promise essential managerial efforts and that later token sales can be securities transactions while promises remain connected to the asset.
- Update
CryptoSlate reports the staking receipt split alongside Coinbase and Lido terms
It said Coinbase tells eligible cbETH holders to unwrap to staked ETH and then unstake separately, and that Lido's stETH runs on a protocol withdrawal queue.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 26 Sept 2026, 10:52 UTC: Bitcoin Insider — 1 independent source, 1 reports
- 26 Sept 2026, 15:30 UTC: Bitcoin.com News, official — 2 independent sources, 2 reports
- 26 Sept 2026, 15:54 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 27 Sept 2026, 16:00 UTC: CryptoSlate — 4 independent sources, 4 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | SEC Staff Clarifies How Crypto Promises Affect Securities Treatment | Independent | |
| Bitcoin Insider Aggregator | SEC Staff Issue FAQ Clarifying When Staking Tokens Escape Securities Rules | Original | |
| CryptoSlate Crypto media | SEC staff’s staking-token split spotlights the exit risks behind staked ETH tokens | Independent | |
| Bitcoin Insider Aggregator | SEC Updates Crypto FAQs on Buybacks, Network Upgrades and Profit Promises | Syndicated |
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