The SEC released FAQs on September 25 clarifying that crypto token buyback programs do not constitute securities law violations when the crypto system is « functional » and decentralized. However, a16z, through its General Counsel Miles Jennings, argued this interpretation represents « the biggest loophole ever, » allowing any startup to tokenize revenue streams and avoid securities laws. Uniswap CEO Hayden Adams hailed the clarity, while other prominent crypto lawyers like Gabriel Shapiro shared a16z’s concerns. The crypto token buyback market reached $638 million in 2026, dominated by Hyperliquid.
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