On March 17, 2026, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued a landmark interpretive guidance, answering for the first time in a systematic manner the core question that has troubled the crypto industry for more than a decade: which crypto assets are securities and which are not. The document, known as the “Digital Asset Interpretation,” not only provides a classification framework for five categories of assets, but also explicitly clarifies the non-security status of major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP. Meanwhile, on October 2, the SEC approved the first batch of 3x leveraged exchange-traded products, covering six types of underlying assets: BTC, ETH, gold, silver, crude oil, and natural gas, marking the first time that the leverage ceiling for U.S.-listed crypto products has exceeded 2x. The combination of the two policies is reshaping exchanges’ compliance pathways and institutional capital’s entry channels, thereby