The SEC, in collaboration with the CFTC, released new guidance on March 19 aimed at clarifying the application of securities laws to digital assets. While the guidance marks an improvement over previous approaches, particularly in areas like staking and meme coins, it falls short of addressing critical industry concerns. The guidance reiterates that most digital assets are not investment contracts but remains vague on when a digital asset sale constitutes an investment contract subject to securities laws. The SEC's articulation of the Howey test continues to allow for broad interpretation, potentially enabling future enforcement actions based on public statements rather than concrete contractual obligations. Additionally, the guidance lacks clarity on secondary-market trading, leaving open questions about the application of securities laws to these transactions. The crypto industry is encouraged to provide feedback to the SEC to push for clearer, more definitive regulatory frameworks.