Former U.S. prosecutor says SEC crypto FAQ offers no legal shield

As the U.S. SEC updated its crypto FAQ on token buybacks, former federal prosecutor and crypto-focused attorney Renato Mariotti said the document is only a reference point and offers no legal protection, according to Crypto Briefing. Mariotti said the FAQ is nonbinding guidance and the market should use it as reference material, not as a safeguard against possible future regulatory intervention. The updated FAQ, released last week, newly added points including that if there is no central party leading a token buyback, it is less likely to qualify as an investment contract.