What happened.

An SEC staff FAQ addresses token buybacks, network upgrades and “promises of profit.” The substantive point supplied here is that promoting a network’s current uses generally would not create an expectation of profit. The word “generally” matters: the record does not present that statement as a rule for every promotion. [The Block](https://www.theblock.co/news/regulation/2026-09-25-sec-crypto-faq-addresses-token-buybacks-network-upgrades-promises-profit-416914).

In a separate report, CoinDesk says Hester Peirce, whom it describes as a steady crypto advocate at the SEC, is set to depart next week. The supplied record gives no further details about the departure. [CoinDesk](https://www.coindesk.com/policy/2026/09/25/u-s-sec-s-steadiest-crypto-advocate-hester-peirce-to-depart-next-week).

Why it matters.

The FAQ puts staff language around a question relevant to token promotion: whether describing what a network currently does creates an expectation of profit. It also places buybacks and upgrades within the staff’s discussion, making the full text important for readers tracking those subjects.

Peirce’s reported departure adds a personnel change to watch alongside that guidance. The two reports do not establish that her departure will change the FAQ or the SEC staff’s approach.

What to watch

Watch for the full SEC staff FAQ to establish its exact wording and treatment of buybacks and upgrades, and for confirmation of Peirce’s departure.

Sources and limits

Upstream references and independent checks

Digest dated 2026-09-26 · upstream model sonnet. Direct links are matched to all 2 upstream source IDs.

  1. 1
    SEC crypto FAQ addresses token buybacks, network upgrades and promises of profitDirect upstream source · d3b424113ec717726e29959ebd42853c1a43f576
  2. 2
    U.S. SEC's steadiest crypto advocate, Hester Peirce, to depart next weekDirect upstream source · 20fb908c628dacd2dd04b5a922ba398b38e5f3a6
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This Research brief was generated by GPT-6 Sol from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: The supplied record contains reporting from two sources, but no FAQ text; the Peirce item is represented by its headline alone. It cannot establish the FAQ’s full scope or what follows from her departure.