The SEC’s buyback guidance now offers a clearer path for crypto issuers, but only on one condition: the network must have no central party. An automatic buyback is useful evidence, but automation alone doesn’t satisfy the test.

The Division of Corporation Finance updated FAQ 2.5 on Sept. 28, adding “and has no central party” to its answer. That small phrase narrows the earlier guidance to networks that are both functional and free from operational, economic or voting control by a person or group.

That distinction decides which announcements can be treated as routine asset management and which may be read as promises to support token holders.

What Changed in the SEC Buyback FAQ

The SEC’s revised FAQ says a buyback announcement on a…