Non-binding: Former federal prosecutor Renato Mariotti says SEC crypto FAQ is for reference only

former federal prosecutor Renato Mariotti pointed out that the SEC's crypto asset FAQ, published on September 25 and updated on September 28, is merely non-binding staff guidance that can serve as a reference but is not a "protective charm." The FAQ, issued by the SEC's Division of Corporation Finance, addresses topics including staking receipt tokens, decentralized network buyback programs, and how marketing communications fit into the Howey test, but it does not name any specific assets or protocols and only provides principle-based statements. Mariotti stated that the FAQ only reflects the views of SEC staff, has not been formally approved by the Commission, and carries no legal force; since the rule proposed on August 18 has not yet been finalized and the Clarity Act is stalled in Congress, industry participants still need to rely on staff commentary to make their own judgments regarding disclosure and token design.