#SECCryptoRoundtable

The U.S. Securities and Exchange Commission (SEC) recently initiated a series of public roundtable discussions aimed at establishing a comprehensive regulatory framework for cryptocurrencies. The inaugural session, titled "How We Got Here and How We Get Out—Defining Security Status," took place on March 21, 2025, and marked a significant shift from the SEC's previous enforcement-centric approach to a more collaborative policy-making process.

During this session, industry leaders, legal experts, and former SEC officials engaged in robust discussions about the classification of digital assets as securities. The debate underscored the complexities of applying traditional securities laws, such as the Howey Test, to the diverse and evolving landscape of cryptocurrencies. Participants acknowledged the need for tailored disclosure guidelines that address the unique characteristics of digital assets, recognizing that information relevant to crypto investors differs fundamentally from that pertinent to traditional securities like stocks.