Wu Shuo learned that according to Galaxy Research's Head of Research Alex Thorn's article, the US SEC and CFTC recently jointly released a 2026 Digital Assets Guidelines, completely overturning the regulatory framework of the Gensler era. The new rules categorize assets into five categories, clearly specifying that only "digital securities" need to be registered under securities law.

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