{
  "slug": "2026-09-25-sec-staff-guidance-says-buybacks-do-not-turn-commodity-tokens-into-securities",
  "title": "SEC staff says buybacks do not turn commodity tokens into securities",
  "date": "2026-09-25T23:33:17.000Z",
  "updated": "2026-09-25T23:33:19.005Z",
  "tags": [
    "news",
    "industry"
  ],
  "summary": "The SEC's Division of Corporation Finance published guidance clarifying that buybacks and liquid staking tokens for commodities are not securities.",
  "kind": "article",
  "body": "# SEC staff says buybacks do not turn commodity tokens into securities\n\n*Uniswap founder Hayden Adams highlighted two answers from the SEC's new crypto FAQs addressing buybacks and liquid staking tokens.*\n\nThe Securities and Exchange Commission's Division of Corporation Finance published answers on September 25, 2026, stating that buybacks do not convert a commodity token into a security. The guidance also clarified that liquid staking tokens for commodities are not securities. Uniswap founder Hayden Adams shared the two answers in a post on X, calling them \"some bangers from the SEC today.\"\n\nThe guidance appears in the division’s frequently asked questions on applying federal securities laws to crypto assets. The staff noted that the answers reflect its views and \"are not a rule, regulation or statement of the Securities and Exchange Commission.\" The Commission has neither approved nor disapproved the content, and the FAQs carry no legal force.\n\nOn staking receipt tokens, the staff said a receipt for a digital commodity not subject to an investment contract remains a digital tool because it evidences the holder’s ownership of the underlying commodity. A staking receipt token may also qualify as a digital commodity if 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 that is functional, as well as 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 custodian and evidencing the depositor’s ownership. A receipt does not alter the rights or benefits of the deposited asset, provide additional financial incentives, or transfer ownership or control to the issuer. The issuer cannot transfer, lend, pledge, or otherwise use the deposited asset.\n\nThe guidance follows the SEC’s March 17, 2026, interpretive release, which the agency said clarified the application of federal securities laws to crypto assets and transactions. That release included a token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, and explained how a non-security crypto asset may become subject to, or cease to be subject to, an investment contract. The Commodity Futures Trading Commission joined that interpretation.\n\nAdams founded Uniswap, a decentralized cryptocurrency exchange launched in 2018 that has surpassed $1 trillion in lifetime trading volume, according to Forbes.",
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