Early this morning, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released a document that has significant implications for the subsequent regulation of Crypto Take a quick look, this document categorizes Crypto assets into five types: 1/Digital Commodities ◦ is an asset closely linked to the programmatic operation of functional encryption systems. Its value is determined by the supply and demand relationship and system operation, rather than the profit expectations generated by the management efforts of others. ◦ Not securities ❌， Under the jurisdiction of CFTC. The characteristics are: 1) no inherent economic rights: no passive benefits are generated, and no ownership of future income, profits, or assets of the business entity is granted to the holder; 2) System necessity: It is necessary to participate in or use relevant encryption systems, such as gas fees for payment transactions; 3) Functional purpose: Used to incentivize transaction verification, maintain network security, promote network effects, or participate in system governance. Typical examples include: BTC, ETH, APT, AVAX, BCH, ADA, LINK, DOGE, LTC, DOT, SHIB, SOL, XRP and other public chain tokens. 2/Digital Collectibles ◦ is a type of encrypted asset designed for collection or use, such as NFT art, music, videos, star cards, game props, or meme coins, characters, etc. The characteristics are: no economic attributes; Not generating passive benefits; Value is mainly driven by supply and demand relationships; ◦ Usually not securities ❌， Managed by CFTC. The exception is that if NFTs are fragmented and granted rights, it may involve "relying on the management efforts of others to obtain profits" and be judged as securities. 3/Digital Tools ◦ is a type of encrypted asset that performs actual functions. Value does not come from investment expectations, but from the practical functions it provides. ◦ Not securities ❌， Managed by CFTC. The characteristics are: function oriented, such as membership status, conference tickets, ownership certificates, etc. (which may be reflected as NFTs); Even non transferable; No income or economic rights are generated. For example, ENS identity domain name. 4/Stablecoins ◦ is a cryptocurrency asset that maintains stable value relative to underlying assets such as the US dollar Compliant stablecoins issued by 'approved issuers', not securities ❌， Supervised by the federal stablecoin regulatory agency; The exception is that it depends on whether it involves profit expectations or dividends to determine whether it meets the definition of a security. The characteristics are: mainly used as a payment or settlement method; According to the GENIUS Act, compliant issuers are prohibited from paying any interest or income to holders. 5/Digital Securities ◦ is a financial instrument within the legal definition of "securities", only manifested in Crypto. All or part of its ownership records are maintained on the blockchain. ◦ is a security ✅， Registration with SEC is required and subject to SEC supervision. The characteristics are: it can be issued natively on the chain or tokenized on the chain for traditional securities; For tokenization on the blockchain, the rights of holders (such as voting rights) may be different from those of underlying securities; It may also have functions similar to digital commodities, but without changing its securities attributes. Previously, market participants have long criticized the SEC for adopting enforcement style regulation and lacking a clear regulatory framework, which has hindered innovation in the crypto industry; Starting from 2025, the newly appointed SEC Chairman Paul S. Atkins announced the launch of Project Crypto; Subsequently, the United States passed the GENIUS Act, providing a legal framework for stablecoins. The classification guidelines released today are more detailed and practical than what Michael Saylor previously mentioned in an interview (https://(x.com)/SeaBitcoin/status/1932709102561493361). It also marks the shift of cryptocurrency regulation from "opaque and strong enforcement" to "predictable rule frameworks". For project parties, clearer classification means greater innovation space, allowing them to work freely and significantly reduce various costs; For individual investors, the corresponding risks and regulations for the assets and projects they hold have become clearer. Interested parties can view the complete PDF file: https://www.sec.gov/files/rules/interp/2026/33-11412.pdf