The U.S. Securities and Exchange Commission (SEC) gathered a dozen cryptocurrency experts on Friday, March 21, 2025 for the first of several Crypto Task Force Roundtables, to hash out how to classify digital assets—a question that’s been the subject of much debate for years. The discussion, held as part of a new series of roundtables, kicked off the work of the SEC’s Crypto Task Force, but rather than landing on clear answers, it highlighted just how tricky the issue remains. With no consensus in sight, the session underscored the challenge of regulating a fast-moving industry under old legal frameworks.

The “who” included task force leader Commissioner Hester Peirce, former SEC Commissioner Troy Paredes, and a mix of legal and industry voices. The “what” was a nearly four-hour dive into defining which digital assets and transactions count as securities, guided heavily by the 1946 Supreme Court Howey test—where a security involves investing money in a shared venture expecting profits from others’ efforts. Held virtually under the SEC’s watch in Washington, D.C., this first roundtable came after Acting Chair Mark Uyeda, appointed by President Trump, launched the task force on March 20, 2025, aiming to shift from enforcement to rulemaking. Critics like John Reed Stark and Lee Reiners pushed back, arguing “Howey” still works, while others, said it’s outdated for an entire tech-driven industry.

For everyday folks and businesses, the takeaway is that crypto regulation is still a work in progress. The SEC’s move away from aggressive enforcement under Uyeda signals a fresh approach, but Friday’s debate shows clarity won’t come easy. Courts might remain the deciders unless the task force can craft guidance that sticks—though even that could spark more confusion if it’s not legally binding. For now, anyone in the crypto space should brace for uncertainty and keep an eye on these talks, as regulators wrestle with balancing innovation, investor protection, and a decades-old rulebook.

Upcoming roundtables include: 

The attorneys at Bull Blockchain Law are closely monitoring the latest regulatory and policy developments in the digital asset space. Whether you’re navigating compliance challenges, seeking strategic legal guidance, or exploring new opportunities in the blockchain industry, our team is here to help. Feel free to reach out to us for insights or assistance tailored to your business needs.