
SEC tightens token buyback guidance three days after publishing it
- —Sept. 25 guidance allowed buybacks for functional systems without implying a value promise
- —Sept. 28 update added a "no central party" condition to that exemption
- —Token buyback spending hit a record $638 million through late August
- —The SEC staff FAQ is not legally binding and does not settle security status
Why it matters: Projects running buybacks must now show no central control, or the purchases could be treated as an investment contract.
Source: CryptoSlate