The U.S. authorities have updated their practical guidance on the securities status of cryptocurrency assets. On the 25th, the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance published an FAQ that includes their views on whether token buyback programs and regular updates conducted within functional systems qualify as investment contracts.
The FAQ states that announcing a token buyback program during the operational phase of a cryptocurrency system does not constitute a promise of significant managerial efforts by the issuer...