SEC staff revised its crypto token buyback guidance on Sept. 28, three days after publishing it. The revised answer says a non-security token issuer’s buyback announcement does not, by itself, promise essential managerial efforts if the crypto system is functional and has no central party. The staff’s earlier answer required only that the system be functional. Crypto projects spent a record $638 million on token buybacks through late August, according to previous CryptoSlate reporting. The staff guidance is not legally binding and does not decide whether any particular token is a security.