Wu Shuo learned that according to Galaxy Research's Research Director Alex Thorn, the US SEC and CFTC recently jointly released a 2026 Digital Asset Guidance that completely overturned the regulatory framework from the Gensler era. The new rules divide assets into five categories, clearly stipulating that only "digital securities" need to be registered under securities law. Additionally, the new guidance established a "safe harbor": explicitly stating 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 the secondary market.