The U.S. Securities and Exchange Commission updated its cryptocurrency FAQ on token buybacks to clarify that arrangements without a centralized entity likely do not constitute an investment contract. The revision addresses regulatory uncertainty surrounding decentralized buyback programs and their classification under securities law. The update follows feedback from a16z crypto General Counsel Miles Jennings, who warned that previous wording could inadvertently classify issuer buyback announcements as investment contracts. The clarified guidance aims to distinguish between centralized and decentralized token repurchase mechanisms for market participants.