Wu Shuo learned that according to Galaxy Research Research Director Alex Thorn's post, the US SEC and CFTC recently jointly released 2026 digital asset guidelines, completely overturning the regulatory framework of the Gensler era. The new regulations classify 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 secondary token trading: if a project completes promised functionality or is publicly abandoned, the initial investment contract terminates, and tokens can thereafter be freely traded as non-securities in the secondary market.