[SEC Updates Crypto FAQ, Clarifies Functional Network Token Buybacks Do Not Constitute a Commitment of Critical Managerial Efforts] Odaily Planet Daily News – The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance has updated its cryptocurrency FAQ, stating that in cases where a network is already functional, announcing token buybacks does not constitute a commitment of 'critical managerial efforts.' The SEC further clarified that maintaining, upgrading, or expanding a functional network, as well as promoting the network's existing functionalities or making broad vision statements not tied to profits, do not meet the conditions of the Howey Test. The SEC noted that if a network is not yet functional and the issuer promotes token buybacks as a source of profit or returns for holders, it may still trigger the application of securities laws. (Decrypt)