Galaxy Research Director: SEC's new regulations clarify rules for the secondary market of digital assets

Galaxy research director Alex Thorn wrote on X platform that the release of digital asset guidance by the US Securities and Exchange Commission (SEC) this week marks a shift in regulatory attitudes towards structured and transparent approaches. The key changes include: non securities digital assets can be freely traded after completing the issuer's core management commitment; Cancel the "fully decentralized" standard and replace it with a public commitment from the issuer; Clear safe harbor terms, airdrops, mining, and staking usually do not constitute securities trading; The scope of the analysis of 'Efforts of Others' has been narrowed down, focusing only on the core management commitments of the issuer. Alex Thorn calls on the industry to promote the CLARITY Act, providing long-term legal protection for encrypted assets.