#CryptoRoundTableRemarks

On March 21, 2025, the Digital Assets Committee of the U.S. Securities and Exchange Commission (SEC) held the first public dialogue session in a series titled "Spring Towards Clarity on Digital Currencies." The session focused on determining whether digital assets are considered "securities" under U.S. law, which is known as the "Howey Test."

Key points discussed:

1. Determining the legal status of digital assets

Commissioner Caroline Crenshaw emphasized the importance of maintaining the stability of the U.S. financial system, warning that amending the definition of "securities" could undermine legal protections for investors. On the other hand, some participants called for a more flexible approach that aligns with the nature of digital assets.

2. Focus on future regulatory frameworks

Acting Commissioner Mark Uyeda clarified that the discussion revolves around applying the Howey Test to digital assets, pointing out that this test dates back to 1946 and may not be suitable for classifying modern digital assets.

3. Legal and legislative challenges

Analysts noted that the session did not provide clear solutions to the legal issues surrounding digital assets, instead merely discussing existing issues without addressing specific legislative proposals.

4. Future trends

The Digital Assets Committee looks forward to organizing additional dialogue sessions.