BREAKING: The SEC just issued new guidance on crypto tokens, staking, and investment contracts. 1. Once a crypto network is functional, work to maintain, improve, or grow it no longer counts as "essential managerial efforts" under the Howey test. 2. Staking receipt tokens can be treated as digital commodities, not securities, depending on how they're structured. 3. A crypto asset itself can be a non-security, even if some transactions involving it are still investment contracts. 4. The SEC's framework now covers digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. These FAQs reflect SEC staff views only and carry no legal force, unless the Commission itself adopts a formal rule later. Another major step toward clearer crypto rules in the U.S.