The Securities and Exchange Commission’s approach to cryptocurrency regulations has undergone a notable transformation throughout 2026. On September 25, the SEC’s Division of Corporation Finance released a comprehensive FAQ page that outlines how crypto assets are classified under federal securities laws.
Levi Rietveld, creator of Crypto Crusaders, informed his followers about the development, describing it as a major regulatory advantage for XRP. This new documentation expands upon the historic March Interpretive Release, which was put out jointly by the SEC and the CFTC, explicitly categorizing XRP as a digital commodity.
What the September 25 FAQ Establishes
The FAQ elaborates on several specific details from the March guidelines. Regarding staking, it verifies that a Staking Receipt Token originating from a protocol-based Liquid Staking Provider counts as a digital commodity when its value stems from “the programmatic operation of a crypto system that is functional, as well as supply and demand dynamics.”
Furthermore, the guidance establishes that once a crypto network is operational, tasks aimed at maintaining, securing, or upgrading the system do not count as essential managerial efforts according to the Howey test. This is significant for XRP because it eliminates a primary argument the SEC previously relied on for securities enforcement actions.
$XRP JUST GOT A BIG REGULATORY BOOST pic.twitter.com/3sLOHArZlm
— Levi | Crypto Crusaders (@LeviCryptoGuy) September 27, 2026
XRP’s Position in the Framework
The March Interpretive Release explicitly identified XRP as a digital commodity. According to that March 2026 release, taking into account XRP’s features, terms, and operations as of that date, the Commission determined that XRP qualifies as a digital commodity. This aligns with judicial decisions stating that XRP by itself is not a security.
The September FAQ supports this designation by expanding the surrounding legal framework. Rietveld pointed out that “the SEC’s own framework lists XRP as a digital commodity,” with the FAQ establishing that the framework holds official agency backing, despite not being formal statutory law.
What This Means for Institutional Access
Rietveld suggested that institutions that held back on engaging with XRP while waiting for regulatory certainty now have grounds to move forward. The September FAQ reinforces this perspective by limiting liability for exchanges that list XRP, thereby easing barriers to entry for institutional investors.
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The CLARITY Act did not pass its Senate cloture vote, finishing at 49-50 without any backing from Democrats. The SEC FAQ explicitly notes its own boundaries, stating: “These FAQs have no legal force or effect, do not alter or amend applicable law, and do not create any new or additional obligations for any person.”
Rather than relying on legislation, the agency is shaping regulatory policy through administrative guidance. This framework currently comprises the March Interpretive Release, the innovation exemption under Project Crypto, and the September 25 FAQ, collectively forming the clearest regulatory landscape XRP has encountered to date.