[Galaxy Research Director: New SEC Rules Reshape Digital Asset Regulation, Provide Clear Secondary Market Pathways] According to a report by Jinse Finance, Galaxy Research Director Alex Thorn wrote on the X platform that the U.S. Securities and Exchange Commission (SEC) issued a milestone digital asset guidance this week, marking a shift in the SEC's approach to digital asset regulation from the hostility and ambiguous rules of the Gary Gensler era to a more structured, transparent, and industry-supportive stance. Alex Thorn outlined the key changes in this regulation, including: 1. Non-security digital assets can be freely traded in the secondary market after the issuer fulfills its core managerial commitments, and will no longer be continuously classified as securities; 2. The removal of "sufficient decentralization" as a criterion, with a clear focus on the issuer's public commitments as the basis for judgment; 3. Provision of clear safe harbor clauses, stating that activities such as airdrops, mining, and staking generally do not constitute securities transactions; 4. A significant narrowing of the "Efforts of Others" analysis, focusing only on the issuer's core managerial commitments while disregarding third-party market speculation or community commentary. Alex Thorn also echoed the industry's call to continue advancing the CLARITY Act, which is expected to provide more enduring legal protections and enable the long-term development of Bitcoin and crypto assets in U.S. capital markets.