Token issuers may carry out buyback programs for customers when the system operates without centralization. This will not be considered an investment contract under federal securities law. The SEC also noted that securing the network and maintaining the ecosystem likewise do not fall under the Howey test. In addition, tokens received for staking will not always be classified as securities. However, the SEC emphasized that its latest interpretation of the rules is not legally binding. The agency updated its crypto rules following the CFTC after the CLARITY vote failed.