SEC Adds ‘No Central Party’ Condition to Token Buyback Guidance

The condition narrows the guidance's reach to genuinely decentralized networks, effectively excluding tokens where a team or foundation retains control. That matters most for projects still on the path to progressive decentralization, whose buyback treatment now hinges on a judgment call about who counts as a central party. Whether the SEC clarifies how that threshold is assessed, and how much of the token market falls outside the guidance as a result, is the open question.