SEC staff released an FAQ that further clarifies the application of securities laws to crypto assets. The document builds on the interpretive guidance issued in March 2026 and explicitly classifies Bitcoin, Ethereum, Solana, and XRP as digital commodities rather than securities. The latest guidance also covers key compliance points related to token promotion activities and repurchases.
Which assets are affected
Long/Short Views
Bulls believe this move formally confirms the commodity status of major Layer-1 assets, clearing regulatory hurdles for spot products and institutional participation, which is a long-term positive for price discovery and adoption. Bears worry that the FAQ’s additional restrictions on promotion and repurchase activities may increase compliance costs and leave room for ambiguity in future enforcement.