TREE NEWS update: SEC staff revised its token buyback FAQ to make the absence of a centralized party an explicit condition, not just a reference to a system’s functionality. The original answer was published Sept. 25. The new wording adds the no-central-party test as a formal requirement for the guidance.
SEC Staff Tightens Token Buyback FAQ With ‘No Central Party’ Condition
The shift is subtle but meaningful: what was descriptive language about a system's operation is now a formal eligibility test, narrowing the set of arrangements that can rely on the guidance. Projects whose buyback mechanics involve any identifiable operator, treasury manager or admin key face a harder analysis than the original September wording implied. Whether staff applies this condition narrowly to the buyback context or treats it as a broader signal on decentralization claims is the open question worth watching.
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