SEC revises token buyback guidance, pumps enforcement tally

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TL;DR: The SEC clarified its crypto buyback guidance after industry lawyers flagged a potential securities-law loophole, while Commissioner Hester Peirce prepares to leave the agency with several SEC and CFTC seats vacant. Meanwhile, SEC officials are pushing back on criticism of FY2026 enforcement numbers, as the agency faces scrutiny over a high volume of delinquent-filer cases alongside new crypto fraud actions.

Key Takeaways:

America’s securities regulator is discovering that rushing to deregulate the digital asset space can sometimes create more confusion than clarity.

On September 25, the Securities and Exchange Commission (SEC) issued an FAQ on the “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.” This FAQ reflects the views of the staff of the SEC’s Division of Corporation Finance and, like all FAQs, carries no legal weight and doesn’t represent official SEC policy.

The SEC’s FAQ was issued the same day that the Commodity Futures Trading Commission (CFTC) released a similar FAQ. Following the failure of the Senate’s digital asset market structure bill (the CLARITY Act) in mid-September, both the SEC and the CFTC have been moving swiftly to revise rules governing digital assets within their respective jurisdictions.