The U.S. Securities and Exchange Commission tightened its crypto token buyback guidance three days after issuing it, adding a no-central-party condition that affects projects whose repurchase decisions remain under human or organizational control. On Sept. 25, SEC staff said an issuer could announce a buyback without creating a promise to manage a token's value if the crypto system was functional; on Sept. 28, staff added that the system must also have no central party. The revised answer says a buyback announcement for a non-security crypto asset would not, by itself, promise essential managerial efforts when both conditions are met. If the system is not functional, the announcement could create such a promise if purchases are presented as a way to generate yield or returns for holders. PUMP token rose approximately 10% on Saturday, one day after the guidance referenced in the newer report, as market participants responded positively to reduced regulatory uncertainty. Crypto projects spent a record $638 million on token buybacks through late August. The FAQ reflects SEC staff views, is not legally binding and does not determine whether any individual token is a security.