#SECCryptoRoundtable The U.S. Securities and Exchange Commission (SEC) recently held a roundtable titled "How We Got Here and How We Get Out – Defining Security Status," focusing on the regulatory classification of digital assets. This event, part of the "Spring Sprint Toward Crypto Clarity" series, took place on March 21, 2025, at the SEC's headquarters in Washington, D.C.

The roundtable marked a significant shift in the SEC's approach to cryptocurrency regulation, moving from enforcement-driven actions to collaborative public dialogue. Led by Commissioner Hester M. Peirce, who chairs the SEC's Crypto Task Force, the discussion aimed to address the pressing issue of how cryptocurrencies and blockchain-based tokens should be classified under U.S. law—a topic central to numerous regulatory disputes and legal battles between crypto companies and the SEC.

The event featured a diverse panel of legal experts, academics, and industry stakeholders who explored the complexities of applying the Howey Test—a legal standard used to determine whether an asset qualifies as a security—to digital assets. Participants debated the nuances of decentralization, the role of promoters, and the expectations of profit among investors. The discussions underscored the challenges in crafting regulations that both protect investors and foster innovation within the rapidly evolving crypto industry.

This roundtable is the first in a series of planned discussions by the SEC's Crypto Task Force, which was established in January 2025 to develop a clear regulatory framework for crypto assets. The task force aims to draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.

The SEC's initiative reflects a broader effort to engage with the public and industry experts in shaping policies that balance investor protection with the promotion of technological innovation. Future roundtables are expected to continue this dialogue, addressing other critical aspects of crypto regulation.