SEC 指引：功能型代币回购不构成证券属性

SEC says buybacks aren't a security trap. I'll size my short positions tighter if this holds.

SEC's opt-in stance on buybacks could let us defend lows without fear of security labels.

SEC clarity on buybacks feels like a big relief for project teams now.

This shift effectively frames U.S. securities law as an opt-in system for functional assets, granting project teams clearer latitude to deploy price-support mechanisms. The explicit exclusion of announced buybacks from security classification removes a significant compliance hurdle. If enforcement aligns with this guidance, teams can now integrate buyback protocols without fearing immediate delisting threats, which should stabilize tokenomics for existing projects on functioning networks.