On March 21, 2025, the U.S. SEC's Special Working Group on Crypto Assets held a roundtable discussion primarily focused on defining the securities characteristics of crypto assets, how to apply the "Howey Test" to crypto assets, and clarifying whether tokens qualify as securities. The direction for the establishment of a regulatory framework includes technical risk assessment and key areas of product regulation, such as the compliance review of spot Bitcoin and Ethereum ETFs. The issue of balancing industry participation with regulation seeks multi-party collaboration and explores the contradictions between innovation and compliance. Subsequent plans include a series of meetings while paying attention to the potential impact of SEC Chairman Gensler's term changes on regulatory strategies. The meeting aims to balance innovation in crypto assets with risk management, with specific policies to be observed. The SEC's review of spot crypto products and the stability of its leadership will be key variables for the industry in 2025.