SEC Clarifies When Crypto Buybacks And Network Upgrades Can Raise Securities Questions

SEC staff published new FAQs on September 25 clarifying how federal securities laws may apply to crypto-asset buybacks, network upgrades, and secondary-market activity. The guidance says a buyback can become relevant to an investment-contract analysis when an issuer presents it as a way to create yield or returns. The FAQs are staff guidance, not a new SEC rule, and do not change existing law.