Galaxy Research Head: SEC's New Plan Defines Digital Asset Boundaries, Marking a Major Shift in Regulatory Stance

March 21st News: Alex Thorn, Head of Research at Galaxy, posted on X that the U.S. Securities and Exchange Commission (SEC) released landmark digital asset regulatory guidance this week. This move signifies a shift in the SEC's regulatory stance on digital assets from the hostile attitude and ambiguous rules of the Gary Gensler era to a more structured, transparent direction that supports industry compliance and development. Alex Thorn detailed four key changes in this regulatory guidance: First, digital assets that are not securities can be freely traded in the secondary market after the issuer completes its core managerial commitments, and will no longer be continuously deemed securities. Second, the "sufficiently decentralized" judgment standard has been removed, with clear reliance on the issuer's publicly made commitments as the core basis. Third, explicit safe harbor provisions have been added, clarifying that common activities such as airdrops, mining, and staking generally do not constitute securities transactions. Fourth, the scope of the "Efforts of Others" analysis has been significantly narrowed, focusing solely on the issuer's core managerial commitments and no longer considering third-party market speculation or community commentary. Furthermore, Alex Thorn echoed industry calls to continue promoting the CLARITY Act, which is expected to provide more lasting legal protection for crypto assets and contribute to the long-term healthy development of Bitcoin and the entire crypto asset industry in the U.S. capital market.