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The US Securities and Exchange Commission (SEC) updated its policies on how securities laws will apply to “certain types of crypto assets and certain transactions involving crypto assets,” following a similar move by the country’s federal commodities regulator last week.In a Friday update to the SEC’s frequently asked questions issued in March, the agency said that the latest interpretation of its rules on crypto was non-binding, had “no legal force or effect, [did] not alter or amend applicable law, and [did] not create any new or additional obligations for any person.” The FAQs would apply to how the SEC considers digital asset products falling under the Howey test for investment contracts. According to the SEC, token issuers could conduct buyback programs for customers provided “a crypto system is functional and has no central party” that would not necessarily qualify as “a representation or promise to undertake essential managerial efforts,” i.e., not an investment contract under federal securities laws. The regulator issued similar guidance for crypto networks, saying that a system that was “functional, services to secure, maintain, improve, or enhance such a system or its functionality, or to facilitate network effects” would not necessarily satisfy the agency’s Howey test. Staking receipt tokens, similarly, would not always classify as securities, according to the agency.Related: Crypto PAC spends $11M to oppose Sherrod Brown in OhioThe SEC updates followed a similar move by the US Commodity Futures Trading Commission (CFTC), which offered guidance to token issuers. Both agencies released the staff answers days after the Senate failed to pass a crypto market structure bill that many had expected to clarify the roles the two financial regulators would have over digital assets. SEC Chair Paul Atkins and CFTC Chair Michael Selig issued statements signaling that the agencies would address crypto regulation in the absence of laws passed by Congress.SEC commissioner leaving agency this weekAfter serving at the SEC for eight years, Commissioner Hester Peirce announced on Friday that she planned to resign on Oct. 2. The official, known as “Crypto Mom” by many in the industry for her advocacy of policies favorable to digital assets, is expected to join the law school of Regent University in Virginia as an associate professor in November.With Peirce’s departure, the leadership of the financial agency will come down to Atkins and Commissioner Mark Uyeda. Both are Republican commissioners on a bipartisan panel that normally consists of five members. As of Monday, US President Donald Trump had not announced any potential replacements for Peirce or the two remaining Democratic SEC seats.Magazine: Winners and losers of the SEC’s new tokenized stocks rules

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

A political action committee (PAC) aligned with and largely funded by the cryptocurrency industry reported spending more than $11 million on ads supporting Republican Jon Husted and opposing Democrat Sherrod Brown in a race for one of Ohio’s seats in the US Senate.In a Thursday filing with the Federal Election Commission (FEC), the Defend American Jobs PAC, affiliated with the Coinbase- and Ripple Labs-backed group Fairshake, reported spending $11.4 million on media supporting Husted and opposing Brown’s potential return to the Senate. The ad buys appeared to be part of Fairshake’s pledge to initially spend $30 million in the Ohio race in an attempt to block Brown, who was previously chair of the Senate Banking Committee and one of the more outspoken voices in Congress against pro-crypto legislation and policies.Sept. 24 filing from Defend American Jobs PAC. Source: FEDCointelegraph reached out to Husted’s and Brown’s campaigns for comment but did not receive an immediate response. In an August 2025 inquiry following the launch of his Senate race, Brown told Cointelegraph:“Cryptocurrency is a part of America’s economy, and becoming more commonplace in Ohio and throughout the country. Just like what guides all my work, my goal is to make sure that as more people use cryptocurrency, it expands opportunity and lifts up Ohioans and they are not put at risk.”In 2024, the Ohio Senate race between Brown, then an incumbent, and Republican Bernie Moreno resulted in more than $300 million in spending from outside groups like Fairshake. FEC records showed that the crypto-aligned PAC and its affiliates alone spent about $41 million to oppose Brown and support Moreno. The Republican won the election with 50.2% of the vote to Brown’s 46.4%.Related: US midterm election mirrors 2024 as crypto PACs move into Ohio racesHusted was appointed to his seat in the Senate by Ohio Governor Mike DeWine after it was vacated by then-Senator JD Vance, who was elected US vice president in 2024.Who else is the crypto industry supporting in Ohio politics?Vivek Ramaswamy, a co-founder of the digital asset management company Strive, ran as a Republican in the 2024 US presidential election and often spoke favorably about crypto and blockchain. He did not serve in the Trump administration; instead, shortly after the president’s 2025 inauguration, he announced plans to run for governor of Ohio and won the Republican nomination in May 2026. He will face off against Democrat Amy Acton in November.As a gubernatorial candidate, the Republican has financial support from three co-founders of the Trump family’s crypto company, World Liberty Financial: Chase Herro, Zak Folkman and Zachary Witkoff, all of whom donated the maximum amount of $16,615 each to Ramaswamy’s campaign. His PAC, “V-PAC: Victors, Not Victims,” also included donations totaling $20 million from Susquehanna International Group co-founder Jeff Yass, $6 million from NYDIG founder Ross Stevens and $5,000 from the Bitcoin Voter Project. Magazine: Altseason is coming — and traders are more discerning this time