Token Buybacks

SEC

2026-09-26 03:52:06

SEC staff FAQ lays out how it views crypto assets, investment contracts, and functional networks

The U.S. Securities and Exchange Commission’s Division of Corporation Finance has published a new FAQ on how federal securities laws may apply to certain crypto assets and related transactions. The document is not a formal SEC rule or statement and does not carry legal force, but it offers a clearer picture of how the agency is thinking about the line between a non-security crypto asset and an investment contract. The FAQ addresses nine issues that have been central to the industry’s long-running debate with regulators. They include how to think about “functional” and “decentralized” networks, how staking receipt tokens and redeemable wrapped tokens may be classified, when marketing statements could amount to promises of managerial efforts under the Howey framework, whether obligations assumed by a third party keep an asset tied to an investment contract, what kinds of post-launch maintenance and network-growth activity do not count as key managerial efforts, whether a new investment contract can arise in a system without a controlling actor, how token buybacks should be viewed, and when a secondary trading platform may be treated as a promoter. A central theme runs through the entire release: once a crypto system is functional and no single party can centrally control or materially influence its operation or success, ongoing security, maintenance, upgrades, and network-effect efforts may fall outside the kind of managerial activity that matters under Howey.

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SEC

2026-09-25 20:36:02

SEC updates crypto FAQ, says buybacks, network upgrades and marketing do not automatically make tokens securities

The U.S. Securities and Exchange Commission’s Division of Corporation Finance updated its crypto asset FAQ on Friday, clarifying that token buybacks, ongoing network upgrades and marketing around a network’s use do not by themselves turn a crypto asset into a security. The guidance draws a line between networks that are already operating and those that are not yet functional, especially when issuers frame buybacks as a source of returns for holders. It also says that, once a crypto system is operational, work aimed at protecting, maintaining, improving or enhancing the system, or supporting network effects, does not fall under the kind of managerial efforts referenced in the Howey test. The document adds that promoting a network’s current uses, and even discussing future functionality, generally does not create an expectation of profits if the messaging does not promote the possibility of gains. The SEC said the analysis remains highly dependent on the facts of each case. The update builds on the commission’s March interpretive release on how securities law applies to crypto assets. It came weeks after the Clarity Act failed to advance in the Senate. Separately, the CFTC updated its own crypto FAQ on Thursday.

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Uniswap

2026-09-25 20:02:04

Uniswap founder Hayden says token buybacks do not turn commodity tokens into securities

Uniswap founder Hayden said in a post on X that the U.S. Securities and Exchange Commission's crypto asset FAQ released that day makes two points clear. First, token buybacks do not cause commodity tokens to be treated as securities. Second, liquid staking tokens tied to commodity tokens are also not securities. His comments were framed as a response to the SEC's same-day guidance in its frequently asked questions on crypto assets. The statement focused on how the agency described buybacks and liquid staking tokens in relation to securities status, without adding details beyond what Hayden cited from the FAQ.

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SEC

2026-09-25 20:14:02

SEC Staff FAQ Addresses Token Buybacks and Liquid Staking

U.S. Securities and Exchange Commission staff have issued new frequently asked questions that address token buybacks and liquid staking, according to TheDefiant. The guidance says qualifying staking receipts fall into non-security categories. It also restates an earlier staff position tied to maintenance and development funding. The article summary available from the source does not provide additional detail on the scope of the FAQ, the specific token structures covered, or any named projects. Even so, the update points to continued staff-level clarification around how certain crypto arrangements are viewed under existing securities frameworks. The report was published by TheDefiant on Sept. 25, 2026.

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ChainCatcher

2026-09-22 02:18:56

August revenue index says Bittensor has entered a revenue phase

Subnet Summer said in its August edition of the SubConnect Bittensor Revenue Index that Bittensor has formally entered what it called a "revenue era." The report said 24 to 25 subnets are currently generating real commercial revenue, with that figure projected to rise to 35 to 40 by the end of the year. It estimated total annual ecosystem revenue at $28 million to $35 million and said that number could exceed $100 million by the end of 2026. The report also said revenue is starting to directly support token economics, with about 14 subnets already running revenue-driven Alpha token buyback programs and 20 to 25 expected by year-end. Commercial activity is concentrated in infrastructure, enterprise AI, and applied AI, while subnet maturity is increasingly being judged by customer adoption rather than benchmark scores.

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Bittensor

2026-09-21 22:42:58

Bittensor subnets generate $28 million to $35 million in annualized revenue, with 14 buying back their tokens

Bittensor ecosystem projects are generating between $28 million and $35 million in annualized revenue, according to a Techub News brief citing Crypto Briefing. The report also said 14 subnets are currently buying back their own tokens. The figures point to growing economic activity inside the AI-focused decentralized network. While the brief did not provide a breakdown by subnet or token, it said the data suggests Bittensor has begun to show the capacity to produce real economic value. The update centers on revenue generation and token buybacks within the network’s subnet structure, offering a snapshot of monetization inside the broader Bittensor ecosystem.

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Arthur Hayes

2026-09-20 05:30:57

Arthur Hayes’ ENA call puts focus on his $3.28 million paper gain, buybacks and looming unlock pressure

Arthur Hayes’ public call on Sept. 20 for Ethena’s governance token ENA to reach $0.50 sent traders rushing in, with spot ENA jumping from around $0.17 to above $0.21 and posting an intraday gain of more than 24%. But the move also drew attention to Hayes’ own positioning. According to on-chain data tracked by Arkham, a wallet linked to Hayes had already accumulated 25.33 million ENA about a month earlier at an average price of roughly $0.09, for a total cost of about $5.53 million. At current prices cited in the source, that stake was sitting on an unrealized profit of more than $3.28 million, or over 146%. The rally is unfolding at a time when Ethena’s token economics are changing in a material way. The Ethena Foundation previously said it used ecosystem reserves to buy out some locked allocations from seed investors through OTC deals, while any remaining locked portions not covered by those agreements must be released in a one-time event by Oct. 5. At the same time, a governance proposal to direct 95% of protocol net revenue to ENA buybacks on the secondary market has passed with 14.1 million votes in favor and zero against, well above the 5 million quorum. That has shifted part of the market narrative from pure governance value to cash-flow expectations, even as short-term sell pressure tied to the coming unlock remains in view.

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Hyperliquid

2026-09-14 13:30:00

Alice Liu says HYPE’s buyback-driven rally could face pressure as Binance pulls revenue away

Hyperliquid’s HYPE token has been pushed higher by aggressive buybacks funded by protocol revenue, but CoinMarketCap Head of Research Alice Liu says that support may be vulnerable if Binance keeps taking trading activity in adjacent markets. Speaking to Cointelegraph on Trade Secrets, Liu said Hyperliquid still leads on the decentralized exchange side, yet Binance’s launch of real-world-asset perpetuals has already shifted volume and liquidity in its direction. She said Binance now holds about 50% of that market share. Liu tied HYPE’s recent price strength to the scale of its repurchase program, noting that the project has spent more than $400 million buying back tokens on the open market and that the token recently hit an all-time high of $86. She added that only a small portion of tokens has been unlocked so far, with more unlocks set to arrive gradually. Beyond Hyperliquid, Liu said Bitcoin may already have found its low near $59,000 in June after failing to hold above $80,000 in the latest rally. She also took a cautious stance on AI-related crypto tokens, especially those with little utility, while leaving room for stronger AI infrastructure projects. On Bitcoin’s long-term outlook, she said a move to $1 million by 2030 is not impossible, but offered a more conservative target of $500,000.

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