Staff from the SEC's Division of Corporation Finance released a new batch of FAQs, clarifying that eligible liquid staking tokens are not subject to federal securities laws and reiterating previous guidance on token buybacks. The guidance states that buybacks on functional protocols typically do not involve the necessary managerial efforts, and eligible liquid staking tokens can be considered digital commodities or digital tools. This FAQ represents staff-level guidance rather than formal rules and serves as a refinement of the December 2025 Crypto Asset FAQs and the March interpretive document.