According to Forbes, the joint crypto asset interpretation guidance issued by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) was submitted to the Federal Register on March 20. It is expected to be officially published and take effect immediately on Monday, March 23, providing directly actionable regulatory guidance for market participants. This document carries the authority of the Commissions and will replace the 2019 "Framework for 'Investment Contract' Analysis of Digital Assets," guiding the enforcement and regulatory work of both agencies. This crypto asset interpretation guidance is built upon the Project Crypto initiative launched in 2025 and is seen as a "crypto asset regulatory bridge." It also provides immediate compliance clarity for entrepreneurs and investors ahead of the bipartisan market structure legislation being advanced in Congress. Its interpretive power and practical influence will guide crypto industry conduct, judicial analysis, and enforcement policy, offering the market a more stable compliance basis than previous staff-level guidance. (Forbes)