On April 11, 2025, the U.S. Securities and Exchange Commission (SEC) Division of Corporate Finance issued a statement providing specific guidance on the disclosure requirements for securities offerings and registrations in the cryptocurrency asset market. The main points are as follows:

- Scope: Includes equity or debt securities related to networks, applications, or cryptocurrency assets, as well as cryptocurrency assets that are or are attached to investment contracts.

- Specific Requirements: Issuers should provide clear and complete information regarding business descriptions, risk factors, securities characteristics, technical architecture, governance mechanisms, supply mechanisms, management teams, financial statements, and appendices. It is particularly emphasized that if the rights and obligations of cryptocurrency assets are encoded through smart contracts, issuers should submit the relevant code as an attachment and update it promptly when changes occur.

Additionally, the SEC previously issued Accounting Bulletin No. 122 (SAB 122), which rescinded the interpretive guidance regarding the obligations of platform users to protect cryptocurrency assets in Topic 5.FF, emphasizing that entities must disclose risks and obligations related to cryptocurrency asset custody in accordance with existing regulations.