#SECCryptoRoundtable

At first, Email opens in a new window) SEC acting chair Uyeda (left) and commissioner Hester Peirce, chair of the agency's crypto task force.

Signs emerged at the kickoff of the SEC's crypto rulemaking process Friday that even the crypto skeptical have begun to accept the idea of a tailored regulatory regime.Why it matters: The U.S. securities regulator has resisted calls for years to craft rules fit to the purpose for the crypto industry. That is now changing.What they're saying: Even if everyone agreed that all digital assets are securities (and they do not), that still leaves a lot of downstream questions, noted Collins Belton, managing partner, at Brookwood P.C., during the Securities and Exchange Commission's first public roundtable hosted by the agency's crypto task force.One of the crypto skeptics on the panel, Lee Reiners of Duke University, seemed to agree — at least in part. For example, he noted that digital assets need disclosure guidelines that make sense.I don't think it's controversial to suggest that the information an investor in a crypto asset would want is just fundamentally different than the information an investor in, you know, Apple stock would want, Reiners granted.Yes, but: Friday's discussion also surfaced the challenges the SEC will face in crafting rules to govern thousands of assets with various distinguishing characteristics.