Much anticipation has been built around whether the Trump administration will fulfill its commitment to be crypto-friendly — with tangible actions as well as words. Is the SEC’s Crypto Regulation Roundtable the fruition of this promise? This guide explains what the Crypto Regulation Roundtable is, what the SEC Crypto Task Force is, and why it matters.
KEY TAKEAWAYS
➤ The SEC’s Crypto Task Force Roundtable marks a shift in the U.S. toward transparent and inclusive crypto policymaking.
➤ Participants highlighted significant challenges applying traditional regulatory frameworks, like the Howey Test, to emerging crypto technologies.
➤ Several experts emphasized the urgent need for interim regulatory measures and practical guidance to address gaps left by current standards.
➤ This regulatory initiative may establish standards for crypto globally, influencing how other countries approach digital asset regulation.
What is the Crypto Taskforce Roundtable?
The Securities and Exchange Commission’s (SEC) Crypto Task Force will hold several roundtables to address significant regulatory issues related to crypto assets. The events aim to reassess crypto regulations in the United States and provide clarity around whether decentralized digital assets are classified as securities or commodities.
The first roundtable in the “Spring Sprint Toward Crypto Clarity” series, “How We Got Here and How We Get Out – Defining Security Status,” took place on March 21, 2025. The event was open to the public and took place at the SEC’s headquarters in Washington, D.C., from 1 p.m. to 5 p.m. ET.
The SEC’s Crypto Regulation Roundtable follows the White House Digital Assets Summit and marks a departure from the previous administration’s more adversarial stance on crypto.
With President Donald Trump’s pro-crypto approach, the current SEC is taking a more engaged and constructive regulatory stance.
What is the SEC Crypto Task Force?
Acting Chairman Mark T. Uyeda created the SEC Crypto Task Force on Jan. 21, 2025, for the sole purpose of developing a comprehensive and clear regulatory framework for crypto assets. Commissioner Hester Pierce leads the operation.
“As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside our jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention.,”
Commissioner Pierce in The Journey Begins.
Richard Gabbert (Senior Advisor to the Acting Chairman) and Taylor Asher (Senior Policy Advisor to the Acting Chairman) act as the Chief of Staff and Chief Policy Advisor, respectively.
Crypto Regulation Roundtable speakers
Founder of Paredes Strategies LLC, Troy Paredes, moderated the event. Some of the speakers who participated in the inaugural roundtable included a mix of managing partners, general counsels, law professors, and industry experts from various sectors of crypto.
- Collins Belton (Managing Partner, Brookwood P.C.)
- Sarah Brennan (General Counsel, Delphi Ventures)
- Chris Brummer (Professor of Financial Technology, Georgetown Law)
- Lewis Cohen (Co-Chair, CahillNXT)
- Coy Garrison (Partner, Steptoe)
- Teresa Goody Guillen (Partner, BakerHostetler)
- Miles Jennings (General Counsel, a16z crypto)
- Lee Reiners (Lecturing Fellow, Duke Financial Economic Center, and Duke Law)
- Benjamin Schiffrin (Director of Securities Policy, Better Markets)
- Rodrigo Seira (Special Counsel, Cooley LLP)
- John Reed Stark (Founder, John Reed Stark Consulting LLC)
Goals of the Crypto Regulation Roundtable
A central goal of the SEC Crypto Roundtable was to confront the regulatory questions surrounding digital assets. Chief among them is determining the SEC’s role in overseeing crypto under current law.
As Commissioner Hester Peirce succinctly put it: “One, are crypto assets securities subject to SEC jurisdiction under existing law, and two, should they be?”
While there were many points of contention, most of the speakers agreed that clearer and more consistent regulations were necessary. In addition to the need for better regulations, some of the topics that dominated the discussion were:
- Decentralization thresholds
- Staking and yield-bearing products
- Investment contracts
- Utility tokens
- Impact on innovation
- Security vs. commodity classification
- Stablecoins
- The Howey Test
Participants acknowledged the need for regulatory clarity; however, many also pointed out that applying decades-old legal standards to cutting-edge technology created interpretive challenges. As SEC Commissioner Mark Uyeda noted:
“This disagreement is most pronounced when it comes to the application of the investment contract established by the Supreme Court in its 1946 decision in SEC vs. W.J. Howey Company, with respect to crypto assets. The challenges in applying Howey’s investment contract test, though, is not unique to crypto…Now, in the years following Howey, various Courts of Appeals are split on various nuances and other aspects of that decision.”
Overlooked issues and calls for practical guidance
One topic that received less attention is the concept of common enterprise. As attorney Lewis Cohen pointed out, this is important for understanding whether crypto assets qualify as securities.
Cohen underscored that a common enterprise isn’t necessarily a common interest, and two large holders of the same asset don’t necessarily have common goals. This distinction, although subtle, has significant implications for crypto regulation.
As the discussions wrapped up, several participants emphasized the need for practical regulatory guidance beyond theoretical debates. Sara Brennan argued that relying on outdated frameworks leads to “regulatory debt.”
She also advocated for interim frameworks as temporary measures and suggested that tokens shouldn’t be considered inherently commodity-like but rather evaluated based on how they’re structured and used, cautioning that tokens often offer investors fewer protections than traditional securities.
Collins Belton similarly challenged the idea that providing clear regulatory guidance for crypto assets is too complex. He pushed back against hesitation, suggesting it was entirely feasible and necessary.
Together, these critiques brought necessary balance to the discussion, highlighting both the urgency and feasibility of regulatory clarity to protect investors.
Why the Crypto Task Force Roundtable matters
Rarely do governmental regulatory bodies openly consult the public on policy decisions. Such discussions are typically dominated by lobbyists representing corporations or special interest groups.
The Crypto Task Force Roundtable signals an important shift, with lawmakers embracing transparency and inclusivity in the regulatory process — a meaningful step toward more democratic policymaking in the crypto space. It also provides a much-needed platform to clarify regulatory ambiguity, which is crucial for market stability and investor confidence.
Additionally, given its global financial influence, the U.S. could establish a global standard for crypto policy by imposing a hard line, prompting other nations to follow.
So, did this event help crypto prices? Ultimately, regularity clarity will help the sector as a whole. Investors (particularly institutional ones) like to know the rules of any game before they play. While this event did not directly impact the market, we generally expect a trend toward more regulatory transparency to be bullish. Of course, should the outcome of this event series be to clamp down on crypto and stifle industry growth (which is less likely but not impossible), that would be a different story.
Setting the stage for crypto regulation
The Crypto Taskforce Roundtable is poised to be the catalyst for meaningful change in the crypto industry in the U.S. This could result in network effects that matriculate throughout the world. Moreover, the Task Force’s commitment to openness and public participation represents a vital shift toward transparent governance. This approach could set the stage not only for clarity in crypto regulation but also for the modern financial future.
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