Wu learned that the finance department of SEC has issued a clarification on the application of federal securities laws to crypto assets, further explaining the classification of crypto assets and the criteria for determining investment contracts as mentioned in the document interpretive release on March 17th. The document states that if staking receipt token are merely used as certificates of ownership for non-investment digital goods, they can be classified as digital tools. If they are issued by protocol-based liquid staking provider, they may also be classified as digital goods. Regarding the determination of investment contracts, merely promoting the existing functions of a crypto system or making general statements about potential functions without mentioning profit expectations is usually not sufficient to constitute a commitment to "key management efforts." Activities such as maintaining, improving, enhancing the system, or promoting network effects after the system has reached its functional state are generally not considered key management efforts either.