[US SEC Updates Token Buyback FAQ: Buyback Arrangements Without a Centralized Entity May Not Constitute an Investment Contract] According to crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has updated its FAQ on token buybacks, adding a new provision stating that if there is no centralized entity behind a token buyback, the arrangement is unlikely to constitute an investment contract. This move comes after comments last week from a16z crypto's General Counsel and Head of Policy, Miles Jennings, who stated that the previous wording might 'allow issuers to announce buyback plans without such announcements constituting an investment contract.'