SEC clears regulatory hurdle as crypto token buybacks hit record $638 million

Token buybacks hit a record $638 million as new SEC guidance gives mature networks more room to repurchase their own assets.

• Crypto token buybacks reached a record $638 million by August 2026, with Hyperliquid and Pump.fun dominating the activity.
• New SEC staff guidance suggests mature networks can repurchase non-security tokens without triggering the Howey test, provided the token has a programmed utility.
• This development, alongside proposed regulations, outlines a path for crypto projects to transition from securities-regulated fundraising to using protocol revenue for token buybacks, impacting valuation metrics.

Topics: Legal regulatory, Scalability, Institutional adoption, Securities law classification, Growth metrics, Asset manager initiatives

Tags: #sec #tokenbuybacks #hyperliquid #pumpfun #howeytest #nonsecuritytokens #protocolrevenue #digitalcommodities #regulationcryptoassets #governance

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