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.