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The U.S. SEC has updated its crypto FAQ on token buybacks, according to Crypto in America host Eleanor Terrett. The update newly adds that if there is no central party leading a token buyback, it is less likely to qualify as an investment contract.
Last week, a16z Crypto head of policy and general counsel Miles Jennings pointed to the previous wording, reproducing the English phrase “central party” and saying there could be room to ensure that an issuer’s announcement of a buyback program would not by itself establish an investment contract.