The SEC staff just gave crypto projects some interesting clarification. 👀

For already-functional networks, token buybacks, network upgrades, and normal product marketing don’t automatically make a token a security.

But there’s an important catch: it’s still fact-specific. How the token is designed, marketed, governed, and whether returns are being promoted can still matter.

So this is helpful for crypto builders, but not a blanket exemption. ⚖️

Not financial advice.#SECSaysBuybacksUpgradesDontMakeTokenSecurity