In the inaugural meeting of the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Working Group on March 21, 2025, Acting Chair Mark Uyeda and Commissioner Caroline Crenshaw discussed the complexities of classifying crypto assets under federal securities laws. The discussion focused on applying the Howey Test to digital assets, highlighting the need for clear regulatory guidance. Crenshaw emphasized the importance of maintaining investor protection while adapting to technological developments. The meeting represented a shift from an enforcement-based approach to collaborative policy-making, aimed at providing clarity and stability in the evolving cryptocurrency landscape.