Galaxy Head of Research: New SEC Regulations Clarify Digital Asset Secondary Market Rules
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Alex Thorn, Head of Research at Galaxy, wrote on the X platform that the U.S. Securities and Exchange Commission (SEC) released digital asset guidance this week, marking a shift towards structured and transparent regulation. Key changes include: non-security digital assets can be freely traded after the issuer completes core management commitments; the "sufficient decentralization" standard has been removed and replaced with public commitments by the issuer; the safe harbor clause is clarified, and airdrops, mining, and staking generally do not constitute securities transactions; the scope of the "Efforts of Others" analysis is narrowed, focusing only on the issuer's core management commitments. Alex Thorn called on the industry to promote the CLARITY Act to provide long-term legal protection for crypto assets.
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