Hyperliquid Policy Center Pushes SEC on Token Buybacks

Key Takeaways

• HPC wants buybacks that run on fixed, published rules cleared as no promise of managerial effort on functional networks, even where a central party exists.
• It accepts that discretionary buybacks run by a central party may still count as such a promise, especially when marketed as yield.
• Its definition does not say whether a buyback stays programmatic if someone can change its parameters.
• The letter also seeks a narrower “central party” definition and changes on airdrops, secondary trading, the safe harbor and state preemption.