According to news from Hash World Chain on March 21, Galaxy's Research Director Alex Thorn pointed out in a post on platform X that the U.S. Securities and Exchange Commission (SEC) has released a milestone digital asset regulatory guidance this week. This move marks a significant shift in the SEC's regulatory stance on digital assets from the adversarial attitude and vague rules of the Gary Gensler era to a more structured, transparent, and supportive direction for industry compliance development. Alex Thorn detailed four key changes in this regulatory guidance: First, non-security digital assets can be freely traded in the secondary market after the issuer completes core management commitments, no longer being continuously classified as securities; second, the judgment criterion of 'sufficient decentralization' has been removed, with the issuer's public commitments as the core basis; third, explicit safe harbor provisions have been introduced, clarifying that common activities such as airdrops, mining, and staking typically do not constitute securities transactions; fourth, the scope of 'Efforts of Others' has been significantly narrowed, focusing solely on the issuer's core management commitments, without considering third-party market speculation or community comments. Furthermore, Alex Thorn echoed the industry’s calls to continue pushing for the implementation of the CLARITY Act, which is expected to provide more lasting legal protection for crypto assets and support the long-term healthy development of Bitcoin and the entire crypto asset industry in the U.S. capital markets.