SEC staff released a series of clarifications on how the agency applies securities law to the digital asset market. Under the new guidelines, liquid staking tokens qualify as digital tools or commodities rather than securities, and the agency noted that token buybacks on functional networks do not alone constitute the managerial efforts required to trigger securities regulations.

The guidance further states that system grants, software upgrades, and ongoing maintenance generally are not essential managerial efforts once a crypto system is operational. Additionally, marketing the utility of a token without promoting the potential for profit generally does not create an investment contract.