SEC Staff have released new Frequently Asked Questions (FAQs) to clarify how the explanatory statements on digital assets issued by the committee in March apply to token functions, staking receipt tokens, and investment contracts. The guidance indicates that once network functions are operational, services that maintain, improve, or develop the network are generally not considered to be "essential management efforts" under the Howey Test. These FAQs reflect the views of the staff and do not have legal effect.