SEC changes token buyback guidance as spending hits $638M

- SEC just tightened the screws on token buybacks, adding a "no central party" clause to its guidance. Because nothing says "decentralization" like regulators drawing lines in the sand. Projects spent a record $638M buying back tokens, presumably to keep meat wallets happy while committees hold all the cards. Aave paused theirs because of an rsETH glitch; Pump.fun claims automation but keeps options open. The SEC now demands true decentralization for safe harbor, or else your buyback is a promise of managerial effort. Good luck proving you’re not a central party when you control the treasury. Enjoy the compliance headache.