U.S. SEC STAFF FAQS STATE "WHERE A CRYPTO SYSTEM IS FUNCTIONAL, AN ISSUER’S ANNOUNCEMENT OF A...

U.S. SEC STAFF FAQS STATE "WHERE A CRYPTO SYSTEM IS FUNCTIONAL, AN ISSUER’S ANNOUNCEMENT OF A NON-SECURITY CRYPTO ASSET BUYBACK PROGRAM WOULD NOT CONSTITUTE A REPRESENTATION OR PROMISE TO UNDERTAKE ESSENTIAL MANAGERIAL EFFORTS""WHERE A CRYPTO SYSTEM IS NOT FUNCTIONAL, HOWEVER, SUCH AN ANNOUNCEMENT COULD CONSTITUTE A REPRESENTATION OR PROMISE TO UNDERTAKE ESSENTIAL MANAGERIAL EFFORTS IF THE ISSUER PRESENTS THE BUYBACK AS CREATING YIELD OR RETURN FOR TOKEN HOLDERS"