The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly issued new guidance on the application of securities laws to digital assets. According to NS3.AI, this update is seen as an improvement over the previous approach under SEC Chair Gary Gensler. However, it still leaves some ambiguity, particularly concerning the Howey Test and the regulation of secondary-market trading. The guidance aims to clarify regulatory expectations for digital asset issuers and market participants, but questions remain about its impact on the evolving digital asset landscape.

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