Gabriel Shapiro

Stories

SEC adds 'no central party' test to token buyback guidance

As of October 2026: Commenting on the guidance's legal effect

The Securities and Exchange Commission (SEC) staff said on Sept. 25 that a crypto project could announce a token buyback without that promise turning the token into a security, so long as the network was functional. Three days later, staff added a second condition: the network must also have no central party.

Updated Oct 3