The SEC quietly changed an answer in its crypto FAQ just three days after publishing it. Would you really trust this kind of “guidance” as a protective shield? Lawyer Mariotti summed it up in one sentence: It’s nonbinding staff guidance—use it as a map, not as a shield. Those who were touting the SEC’s softened stance as a huge win can wake up now: until the rules are finalized, the power to interpret them remains in the SEC’s hands, and it can change its tune at any time.

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