Crypto projects looking to buy back their own tokens just got a green light from the SEC’s staff, with one big condition.

In new FAQs published Friday, the agency’s Division of Corporation Finance said that once a crypto system is functional, announcing a token buyback program doesn’t amount to a promise of “essential managerial efforts.” That’s a key ingredient of the Howey test, the Supreme Court standard for deciding whether something is an investment contract, and therefore a security.

The picture changes for networks that aren’t functional yet. There, staff said, a buyback announcement could cross the line if the issuer pitches it as…