Wu said that, according to Galaxy Research research director Alex Thorn, the U.S. SEC and CFTC recently jointly issued the 2026 Digital Asset Guidelines, which completely overhaul the regulatory framework established during Gensler's tenure. The new regulations categorize assets into five types, explicitly stating that only "digital securities" need to be registered under securities law. Additionally, the guidelines establish a "safe harbor": explicitly stating that airdrops, mining, and staking do not constitute securities transactions; at the same time, they set out an exemption pathway for secondary trading of tokens: if a project fulfills its promised functions or is publicly abandoned, the initial investment contract is terminated, and the tokens can then be freely traded in the secondary market as non-securities.