SEC Corporation Finance staff said a buyback by a functional crypto network generally does not create an investment contract by itself, while continued maintenance, upgrades and network-effect efforts after functionality generally are not essential managerial efforts under Howey. The September 25, 2026 FAQs also describe when staking receipt and redeemable wrapped tokens can function as digital tools, and separately, CFTC staff said regulated firms may use tokenized forms of permitted investments without changing customers' legal or economic rights. The SEC material is nonbinding, does not alter applicable law or immunize individual tokens, and remains subject to facts including marketing, central control and promised returns. Industry reactions were divided, with Uniswap CEO Hayden Adams welcoming the buyback clarification and a16z General Counsel Miles Jennings warning it could enable startups to tokenize revenue streams while avoiding securities rules.