đïž SEC: buybacks don't automatically make a token a security
Corporation Finance's FAQ says that holds if the network already works, and that upgrades aren't "managerial efforts" under the Howey test (via The Block). đ Same day, task force lead Hester Peirce said she leaves October 2, leaving two commissioners. đ
My take: staff guidance, not law, and it treats not-yet-functional networks differently. Still, a written answer on buybacks. đ
What I'm doing: watching who announces one next.
FAQ or Peirce's exit, which matters more? đ€
Source: Binance News (The Block, ChainCatcher). Not financial advice.
#SECSaysBuybacksUpgradesDontMakeTokenSecurity #SECCommissionerPeirceToLeaveOct2
Corporation Finance's FAQ says that holds if the network already works, and that upgrades aren't "managerial efforts" under the Howey test (via The Block). đ Same day, task force lead Hester Peirce said she leaves October 2, leaving two commissioners. đ
My take: staff guidance, not law, and it treats not-yet-functional networks differently. Still, a written answer on buybacks. đ
What I'm doing: watching who announces one next.
FAQ or Peirce's exit, which matters more? đ€
Source: Binance News (The Block, ChainCatcher). Not financial advice.
#SECSaysBuybacksUpgradesDontMakeTokenSecurity #SECCommissionerPeirceToLeaveOct2