The SEC’s Division of Corporation Finance on Sept. 25 issued staff FAQs applying the agency’s March 17 crypto-asset framework to token buybacks, staking-receipt tokens, post-launch network development and secondary-market platforms. The document is staff guidance rather than a rule or formal Commission statement, and it neither changes existing law nor creates new obligations. Its central distinction is between an asset’s classification and whether an investment-contract relationship continues. On a functional network, an issuer’s announcement of a buyback of a non-security crypto asset generally does not represent a promise of essential managerial efforts. If the network is not functional and the issuer presents the buyback as a way to generate returns for token holders, the announcement may enter the Howey analysis. The staff also describes strict conditions for staking receipts, says maintenance and upgrades after functionality do not ordinarily constitute managerial efforts, and says a secondary-market platform is not automatically a promoter under Securities Act Rule 405. The guidance relies on issuer-specific representations about functionality and decentralization, while Regulation Crypto Assets remains a proposal with comments due Oct. 20.