a16z Calls SEC Crypto Buyback FAQ the 'Biggest Loophole Ever'
- —SEC: buybacks in a functional network with no central party are not investment contracts
- —a16z: the reading lets any startup tokenize revenue and avoid securities laws
- —Commissioner Peirce: the FAQ does not apply if a central party is involved
- —Crypto token buybacks hit $638M in 2026, led by Hyperliquid
Why it matters: The guidance sets the framework for token buybacks, but the dispute over the loophole could trigger a rewrite of the rules and new litigation.
Source: Cryptonews.net