On April 11, 2025, the U.S. Securities and Exchange Commission (SEC) issued guidelines for the issuance and registration disclosure of crypto asset securities, aiming to clarify the applicability of federal securities laws in the crypto market. The guidelines require relevant companies to disclose key information such as business models, technology architecture (e.g., open source or proprietary technology), risk factors (e.g., volatility, security vulnerabilities), token functionalities (e.g., governance rights, profit distribution), and smart contract code, and emphasize consistency with technical documents such as white papers. Although the statement does not have legal enforceability, it provides a compliance framework for crypto projects, particularly concerning tokens that involve 'investment contracts,' requiring additional disclosure of rights and operational mechanisms.