According to CoinMeta, staff members from the U.S. Securities and Exchange Commission (SEC) stated that token buybacks do not imply that cryptocurrencies will be considered securities, provided that the relevant networks are operating normally. In a new FAQ released on Friday, the SEC pointed out that once a cryptocurrency network is functioning properly, announcing a token buyback plan does not constitute a commitment to "essential management efforts," which is a key factor in determining the nature of an investment contract. For networks that are not yet functioning normally, the SEC staff indicated that if the issuer views the buyback as generating income or returns for holders, it may cross the line. The FAQ also noted that after a network is functioning properly, commitments to maintain, upgrade, or develop the network do not meet the requirements of securities law.