{
  "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": "2026-09-25T23:33:19.159Z",
  "tags": [
    "society",
    "ethics"
  ],
  "summary": "The SEC's Division of Corporation Finance published guidance on September 25, 2026 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*The SEC's Division of Corporation Finance published guidance on September 25, 2026 clarifying that buybacks and liquid staking tokens for commodities are not securities.*\n\nThe Securities and Exchange Commission's Division of Corporation Finance stated on September 25, 2026, that buybacks do not convert a commodity token into a security. The division also said liquid staking tokens for commodities are not securities. Uniswap founder Hayden Adams highlighted the two answers in a post on X, describing them as \"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\nRegarding staking receipt tokens, the staff said a receipt for a digital commodity not subject to an investment contract is a digital tool. It serves the practical function of proving 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 specified amount of an asset has been deposited with a depository or custodian. It evidences the depositor’s ownership but does not alter the rights, obligations, or benefits of the deposited asset. The receipt does not provide additional financial incentives, nor does it transfer ownership or control to the issuer. The issuer cannot transfer, lend, pledge, rehypothecate, or otherwise use the deposited asset.\n\nThis 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 included a token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. It also addressed 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 that launched in 2018. The platform has surpassed $1 trillion in lifetime trading volume, according to Forbes.",
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  "readingTime": 3,
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