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

Additionally, the new guide established a "safe harbor": explicitly stipulating that airdrops, mining, and staking do not constitute securities transactions; while simultaneously 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 on secondary markets as non-securities.