With the rapid development of the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) is increasingly focusing on the securities characteristics and disclosure requirements of crypto assets. The SEC emphasizes that if a cryptocurrency meets the definition of a "security," it must comply with federal securities laws to ensure investors receive adequate information. The disclosure guidelines require issuers to clearly explain the nature of the asset, risks, technical details, and management structure, particularly the compliance of decentralized finance (DeFi) and initial coin offerings (ICO). Companies must publicly disclose their financial status, business models, and potential conflicts of interest to ensure market transparency. For unregistered securities offerings, the SEC may take enforcement actions. Investors should carefully assess project whitepapers and disclosure documents to avoid fraud risks. The SEC's regulatory framework aims to balance innovation and protection, promoting the healthy development of the cryptocurrency market.