[US SEC Updates Crypto FAQ: Token Buybacks After Network Operation Do Not Constitute Securities] According to a report by Jinse Finance on September 28, citing Decrypt, the U.S. SEC Division of Corporation Finance updated its crypto FAQ last Friday, stating that once a network is functionally operational, announcing token buybacks does not constitute a commitment of 'essential managerial efforts' and does not qualify as a security. Activities such as maintaining or upgrading an operational network, promoting the network's existing functionalities, and expressing a non-profit vision also do not meet the Howey Test. However, if the network is not yet operational and the issuer promises profits or returns through buybacks, it may still trigger securities laws. Attorney Gabriel Shapiro commented that the buyback section 'exceeds expectations.' Buyback-focused protocols tracked by DefiLlama, such as HYPE, AAVE, PENDLE, ENA, and NEAR, may benefit from this update.