Wu Shuo has learned that, according to a post by Alex Thorn, Galaxy Research's Head of Research, the U.S. SEC and CFTC recently jointly released a 2026 Digital Assets Guidance, completely overturning the regulatory framework of the Gensler era. The new rules categorize assets into five types, clearly specifying that only "digital securities" need to be registered under securities laws.

Additionally, the new guidance established a "safe harbor": explicitly stipulating that airdrops, mining, and staking do not constitute securities transactions; while also establishing an exemption pathway for secondary token trading: if a project completes its promised functionality or is publicly abandoned, the initial investment contract terminates, and tokens can thereafter be freely traded as non-securities on secondary markets.