On March 21, 2025, the U.S. Securities and Exchange Commission (SEC) held the first roundtable meeting of its cryptocurrency working group, themed 'Defining Securities Status', aimed at clarifying the legal boundaries of cryptocurrencies. The meeting was led by Republican Commissioner Hester Peirce, who plans to prioritize classifying certain tokens as 'non-securities' to reduce compliance costs and attract institutional investment. Recently, the SEC dropped lawsuits against institutions like Kraken and eased regulations on Meme coins, signaling a relaxation. The meeting was divided into a main forum and closed-door discussions, with leading institutions such as Coinbase, Circle, and traditional financial giants like Fidelity and MicroStrategy participating to discuss topics like asset custody and exchange standardization. This meeting marks a shift in the SEC's regulatory model from 'enforcement-led' to 'collaborative construction'. If the 'non-securities' standard is established, it could accelerate the recovery of the U.S. cryptocurrency market and pave the way for the approval of financial products like ETFs.