On March 21, 2025, the U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force convened its inaugural roundtable titled “How We Got Here and How We Get Out—Defining Security Status.” This event marked the beginning of the “Spring Sprint Toward Crypto Clarity” series, aiming to address regulatory uncertainties in the cryptocurrency sector.  
The roundtable assembled a diverse group of experts, including legal professionals, academics, and industry leaders, to deliberate on the classification of digital assets under U.S. securities law. A central focus was the application of the Howey Test—a legal standard from 1946 used to determine what constitutes a security. Participants debated its relevance and adequacy in the context of modern digital assets. 
Commissioner Hester Peirce, leading the Crypto Task Force, emphasized the importance of public engagement in shaping effective regulations. She stated, “I am looking forward to drawing on the expertise of the public in developing a workable regulatory framework for crypto.”  
The event also highlighted a shift in the SEC’s approach—from enforcement-focused actions to collaborative dialogue. This change was underscored by the recent formation of the 14-member Crypto Task Force, which includes individuals with significant industry experience, such as Michael Selig, appointed as Chief Counsel.  
The roundtable concluded with a town hall session, allowing attendees to pose questions directly to the panelists, fostering a transparent exchange of ideas. This initiative reflects the SEC’s commitment to adapting its regulatory framework to better align with the evolving landscape of digital assets.  
Overall, the roundtable represented a significant step toward clarifying the regulatory environment for cryptocurrencies, balancing investor protection with the promotion of innovation within the industry.