US securities staff have offered a more precise reading of how existing law applies to two common crypto practices: token repurchase programs and tokens issued in liquid staking. In staff-level FAQs released September 25, 2026, the SEC’s Division of Corporation Finance said that, in defined circumstances, those activities do not themselves create an investment contract under the Howey analysis.

The answers are staff views only.

They are not Commission-approved rules and do not change the statute.

The buyback discussion turns on whether a network is already operating.

When a crypto system is functional and the token is not itself a security, announcing a repurchase—for treasury management, supply reduction, protocol burns, or…