#CryptoRoundTableRemarks
đ§ 1. Defining Security Status (March 21, 2025)
Commissioner Caroline Crenshaw emphasized the need for regulatory clarity, cautioning against weakening the legal framework crafted over decades and urging careful evaluation of whether crypto assets should be treated as securities .
Acting Chair Mark Uyeda signaled openness to interpreting and possibly updating rulesâciting memecoins and mining as areas where staff statements, though not legally binding, have provided guidance .
Crypto advocates pushed for decentralization to factor into security determinations; skeptics countered with the enduring relevance of the Howey test .
---
âď¸ 2. Tailoring Regulation for Crypto Trading (April 11, 2025)
Crenshaw highlighted the unique complexities of crypto trading, including broker-clearing-custody conflicts in centralized platforms, and questioned if retail expectations of investor protections (e.g., FDIC/SIPC) are even understood .
The roundtable sought to align trading platform operationsâsuch as execution and custodyâwith mainstream securities norms .
---
đ 3. Custody Standards for Digital Assets (April 25, 2025)
Crenshaw framed custody obligations with a trust analogyâusers expect secure handling of assets, and regulators must decide if digital assets need special custody regimes .
Chair Paul Atkins called for clearer rules on custody compliance, pointing to past SEC guidance rollbacks and the need for âfitâforâpurposeâ frameworks capable of safeguarding client assets .
---
đŽ What It All Means
The SEC is actively engaging with industry to reduce regulatory uncertaintyâmoving from enforcement-first to a more collaborative model.
Roundtables reflect a multi-pronged review: classification criteria, trading conduct, and custody safety all under examination.
While no regulatory action has been finalized yet, the public dialogue marks significant progress toward building tailored, common-sense crypto regulation.