The U.S. Securities and Exchange Commission (SEC) recently released guidelines for the issuance and registration disclosure of crypto asset securities, aimed at enhancing market transparency and protecting investors. The guidelines require issuers to disclose detailed information about business development stages, network functionalities, token rights, smart contract code, and other information, covering equity, debt securities, and investment contract-related assets. The SEC emphasizes that disclosures must be based on the Securities Act of 1933 and the Securities Exchange Act of 1934 to ensure that investors receive adequate information. This move reflects the regulatory body's deepening concern for the crypto market, striving to balance innovation with compliance and promote a fair and orderly market environment. In the future, crypto companies will need to pay more attention to information transparency and legal compliance.