CoinMeta data: The recently released buyback guidelines by SEC are narrower than they may seem at first glance. The practice of crypto projects buying back their own tokens in the United States has been under legal clouds for nearly a decade. According to Howey tests, buybacks funded by project revenue may be seen as a promise of profits to others, and such promises are considered part of making a token a security. On September 25th, SEC seemed to finally dispel some legal uncertainties in a FAQ regarding how to apply securities laws. The new guidelines state that once a crypto network is operating as designed, announcing a token buyback does not in itself constitute a promise of “necessary management efforts.” This guidance is interpreted as a major boon for protocols that generate revenue by destroying tokens, but it could also bring nightmares of securities laws. Staff from SEC clarified on Monday after the release of FAQ that this relief only applies when the network “has no central party.” According to Allium data, the total amount of token buybacks in the first eight months of 2026 reached $638 million. Hyperliquid spent more than twice as much as Pump.fun, and no other project came close to these two in terms of expenditure.