[U.S. SEC and CFTC Issue Digital Asset Policy Guidance] The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued digital asset policy guidance. In its compliance FAQ, the SEC stated that if a cryptocurrency network is functional and lacks a single centralized management entity, the token issuer's buyback arrangements typically do not constitute a commitment to undertake necessary managerial efforts. Such actions may not trigger the Howey Test, and functional network protocols as well as certain staking receipt tokens are not necessarily classified as securities. SEC Chairman Paul Atkins and CFTC Chairman Michael Selig indicated that the two federal regulatory agencies will continue to take measures to establish a regulatory framework for the crypto market. (Source: Bloomberg)