Former federal prosecutor Renato Mariotti said the U.S. Securities and Exchange Commission’s crypto asset FAQ, released on Sept. 25 and updated on Sept. 28, should be treated as staff guidance rather than binding law. He said the document may be useful as a reference, but it is not a safe harbor for market participants.
The FAQ was issued by the SEC’s Division of Corporation Finance and addresses topics including staking receipt tokens, repurchase programs tied to decentralized networks, and how marketing communications may be evaluated under the Howey test. Mariotti noted that the document does not identify any specific asset or protocol and stays at the level of general principles.
He added that the FAQ reflects staff views only, was not formally approved by the Commission, and carries no legal force. With the rule proposed on Aug. 18 still not finalized and the Clarity Act facing obstacles in Congress, companies in the sector still need to make their own judgments on disclosure and token design based on staff commentary.
Odaily reported that former federal prosecutor Renato Mariotti said the U.S. Securities and Exchange Commission’s crypto asset FAQ, released on Sept. 25 and updated on Sept. 28, is only non-binding staff guidance. It can be used as a reference, he said, but it is not a 「safe harbor」.
The FAQ was issued by the SEC’s Division of Corporation Finance. It covers topics such as staking receipt tokens, repurchase programs involving decentralized networks, and how marketing communications may be assessed under the Howey test. The document does not name any specific asset or protocol and is framed in general terms.
Mariotti said the FAQ reflects only the views of SEC staff, was not formally approved by the Commission, and has no legal effect. With the rule proposed on Aug. 18 still not finalized and the Clarity Act facing resistance in Congress, the industry still has to make its own judgments on disclosure and token design based on staff comments.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
