> SEC STAFF ISSUES FAQS ON CRYPTO ASSET SECURITIES LAWS APPLICATION
> SEC STAFF: TOKEN BUYBACKS ON FUNCTIONAL PROTOCOLS DO NOT CONSTITUTE MANAGERIAL EFFORTS
> SEC STAFF: LIQUID STAKING TOKENS ARE DIGITAL COMMODITIES OR TOOLS, NOT SECURITIES
> SEC STAFF: MAINTENANCE, ENHANCEMENTS, SYSTEM GRANTS NOT CONSIDERED ESSENTIAL MANAGERIAL EFFORTS
> SEC STAFF: PROMOTING CRYPTO UTILITY WITHOUT PROFIT CLAIMS GENERALLY NOT AN INVESTMENT CONTRACT