Uniswap’s Hayden: Token Buybacks Don’t Make Commodity Tokens Securities

This matters less for Uniswap specifically than for the wider class of tokens whose teams have been weighing buyback programs while commodity-status questions linger. Adams is reading the FAQ as settling a question that has quietly shaped treasury policy across the sector, and extending it to liquid staking receipts. Whether that reading holds up in practice — and whether other projects treat it as a green light — is the open question worth watching.