[Former Prosecutor: SEC Crypto FAQ Is for Reference Only, Not a 'Shield'] According to a report by Jinse Finance on October 7, citing CryptoBriefing, former federal prosecutor Renato Mariotti pointed out that the crypto asset FAQ released by the SEC on September 25 and updated on September 28 is merely non-binding staff guidance. It can serve as a reference but is not a 'shield.' The FAQ, issued by the SEC's Division of Corporation Finance, explains how federal securities laws apply to topics such as tokenized depositary receipts, decentralized network buyback programs, and marketing communications under the Howey Test. However, it does not name any specific assets or protocols, offering only general principles. Mariotti emphasized that the FAQ reflects the views of SEC staff, has not been formally approved by the Commission, and carries no legal authority. Given that the proposed rules from August 18 have not been finalized and the Clarity Act is stalled in Congress, the industry is still left to rely on staff commentary to make independent judgments on disclosures and token design.