On March 21, 2025, the Digital Currency Working Group of the U.S. Securities and Exchange Commission (SEC) held its first dialogue session titled “How Did We Get Here and How Do We Get Out? – Determining the Status of Securities.” The purpose of this session was to discuss the classification of digital assets as securities and to establish a clear regulatory framework for them.

The session was broadcast live on the Commission's website, with a recording made available later. The discussions included legal experts, academics, and industry practitioners, focusing on the application of the “Howey” test to determine whether digital assets are considered securities.

This initiative is part of a series of dialogue sessions organized by the Commission titled “Spring Rush Towards Clarity on Digital Currencies,” aimed at developing a practical regulatory framework that supports innovation and protects investors in the digital currency market.