SEC Issues FAQ on Crypto Token Classification

The significance here is procedural as much as substantive: the SEC is putting out interpretive guidance on token classification while the CLARITY Act is still being drafted, which effectively lets the agency shape decentralization questions ahead of the legislature. That matters most for token issuers and their counsel, who now face a reference point without a formal statement explaining it. The open question is how this FAQ interacts with the eventual statutory framework — whether it fills gaps or pre-empts them — and whether the SEC follows with a formal statement clarifying its contents.