{
  "slug": "2026-09-25-sec-staff-guidance-says-buybacks-do-not-turn-commodity-tokens-into-securities",
  "title": "SEC staff guidance says buybacks do not make commodity tokens securities",
  "date": "2026-09-25T23:33:17.000Z",
  "updated": "2026-09-25T23:33:18.966Z",
  "tags": [
    "tokens",
    "markets"
  ],
  "summary": "*The SEC’s Division of Corporation Finance answered FAQs on September 25 2026, stating that buybacks and liquid‑staking tokens for commodities are not securities.*",
  "kind": "article",
  "body": "# SEC staff guidance says buybacks do not make commodity tokens securities\n\n*The SEC’s Division of Corporation Finance answered FAQs on September 25 2026, stating that buybacks and liquid-staking tokens for commodities are not securities.*\n\nThe SEC’s Division of Corporation Finance issued answers on September 25 2026 stating that buybacks do not turn commodity tokens into securities and that liquid-staking tokens for commodities are not securities. \n\nThe answers are included in the division’s frequently asked questions on applying federal securities laws to crypto assets. The staff says the answers represent its views and are not a rule, regulation or statement of the Securities and Exchange Commission.\n\nThe staff also explained that a receipt for a digital commodity that is not subject to an investment contract functions as a digital tool because it evidences the holder’s ownership of the underlying commodity. The staff added that a staking receipt token may be classified as a digital commodity when issued by a protocol-based liquid staking provider, where the token is intrinsically linked to and derives its value from the programmatic operation of a crypto system and supply-and-demand dynamics.\n\nThe FAQs define a receipt as an instrument certifying that a stated amount of an asset has been deposited with a depository or custodian and evidencing the depositor’s ownership. A receipt does not change the rights, obligations, or benefits of the deposited asset and does not provide additional financial incentives. It also does not transfer ownership or control to the receipt issuer, meaning the issuer cannot transfer, lend, pledge, rehypothecate, or otherwise use the deposited asset.\n\nThe guidance follows the SEC’s March 17 2026 interpretive release, which the agency said clarified how federal securities laws apply to crypto assets and transactions. That release provided a token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, and addressed how a non-security crypto asset may become subject to, and cease to be subject to, an investment contract. The Commodity Futures Trading Commission joined that interpretation.\n\nHayden Adams, founder of Uniswap, highlighted the two answers in a post on X, calling them “some bangers from the SEC today.” Uniswap launched in 2018 and, according to Forbes, has surpassed $1 trillion in lifetime trading volume.",
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