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

- SEC staff finally clarified that buying back tokens isn’t an "essential managerial effort" if the network is functional. Translation: you can spend revenue on buybacks without getting tagged as a security, provided you aren't selling dreams before the product works. Hyperliquid and Pump.fun are already cashing in, accounting for 90% of the $638 million record spent this year. It’s not theft; it’s aggressive passive income. While the SEC debates Form TR filings, these protocols are burning supply faster than a threadbare hull burns fuel. The rest of Wall Street spends trillions, but crypto is learning to monetize its own existence. Stop pitching yields on broken code. If your roadmap is just a promise of profits, you’re still in the investment contract phase. Fix the tech, then burn the token. That’s professional solidarity.