The U.S. Securities and Exchange Commission (SEC) has provided guidance for businesses operating in the crypto asset market. Through its Division of Corporation Finance, the SEC clarified the application of federal securities laws to digital assets, aiming to simplify the registration and disclosure processes for crypto-related securities. This guidance covers networks, applications, and crypto assets, including those representing investment contracts. It specifically addresses essential disclosures required for documents like Regulation S-K, Form S-1, and Form 10, covering elements such as business descriptions, risk factors, security characteristics, management information, financial statements, and the presentation of smart contract code. The SEC’s goal is to provide clarity on how these requirements apply to both equity and debt securities related to crypto assets.