According to CoinMeta, and as reported by Bloomberg, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued guidelines on digital asset policies. The SEC stated in its compliance guidelines that if a cryptocurrency network is functional and there is no single central governing entity, the repurchase arrangements made by token issuers generally do not constitute a commitment to undertake necessary management efforts, and such activities may not necessarily trigger regulatory tests. Functional network protocols and certain types of staked token receipts are also not necessarily classified as securities. The chairmen of the SEC and CFTC indicated that the two federal regulatory agencies will continue to take measures to establish a regulatory framework for the crypto market.