SEC’s new crypto FAQ is a reference, not a shield, says Renato Mariotti

The SEC has published a fresh set of answers to crypto’s most common legal questions. According to former federal prosecutor Renato Mariotti, nobody should mistake those answers for armor.

Mariotti says the new FAQ is non-binding guidance. In his view, market participants should use it as a reference point, not as protection if regulators come knocking later.

What the SEC actually published

On September 25, 2026, the SEC’s Division of Corporation Finance released updated Frequently Asked Questions. The document explains how federal securities laws apply to a range of crypto assets and transactions.

Three days later, on September 28, 2026, the FAQ was updated again. For a document meant to bring clarity, that’s a quick rewrite.

The guidance tackles several issues the industry has wrestled with for years. Among them are staking receipt tokens, buyback programs run by decentralized networks, and how marketing communications factor into the Howey test.

Notably, the FAQ does not name any specific crypto assets or protocols. It speaks in general terms, leaving companies to figure out how the principles map onto their own products.

Why the fine print matters

The most important detail sits in the legal status of the document. The FAQ reflects the views of SEC staff only, and it has no legal force or effect.