Techub News reports that, according to Bloomberg, the SEC and CFTC jointly issued guidelines in March, dividing cryptocurrency assets into five categories, clarifying that digital commodities, stablecoins, and others are not securities by nature, but if issued in the form of an investment contract that meets the Howey Test, they will still be subject to federal securities laws. The guidelines emphasize that the issuer's communication behavior before and after the sale will determine whether the asset constitutes an investment contract, and such contracts apply to secondary market trading. Related transactions must be registered or exempted under law (such as Regulation D private placements).