SEC updates token buyback FAQ: no centralized issuer means likely no investment contract
- —SEC added an FAQ item on buybacks with no centralized entity
- —Such buybacks likely do not qualify as investment contracts
- —The update followed comments from a16z crypto's Miles Jennings
- —Jennings said the prior wording favored issuers
Why it matters: The clarification reduces legal uncertainty for token projects and could ease buyback programs without securities-law exposure.
Source: PANews