The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly released a new digital asset guideline for 2026, significantly revising the regulatory framework established during Gensler's tenure. The updated regulations categorize digital assets into five distinct classes, specifying that only "digital securities" must register under securities laws. The guideline introduces a "safe harbor" provision, explicitly stating that airdrops, mining, and staking do not constitute securities transactions. Additionally, it outlines an exemption path for secondary token trading: once a project fulfills its promised functionality or is publicly abandoned, the initial investment contract is terminated, allowing tokens to be freely traded as non-securities on secondary markets.