The U.S. Securities and Exchange Commission is signaling a clear intention to reshape its engagement with the crypto sector. Even without a permanent chair confirmed by Congress, the agency has begun taking concrete steps to redefine its approach. One of the most significant actions so far was the recent roundtable held at the SEC’s headquarters in Washington, D.C., where a dozen attorneys gathered to represent a wide range of perspectives from the crypto world.
This shift began under the leadership of Acting Chair Mark Uyeda, who initiated the creation of a crypto task force, withdrew the contentious Staff Accounting Bulletin 121, dropped several active lawsuits, paused others, and released multiple statements aimed at clarifying the SEC’s stance on critical issues such as memecoins and proof-of-work mining.
At present, the SEC remains the most influential federal regulator for the crypto industry. Although the Commodity Futures Trading Commission may eventually oversee crypto spot markets, the majority of companies in the space continue to look to the SEC for regulatory clarity and guidance.
The roundtable reflected this crucial role. Divided into two key segments—a panel discussion and an open town hall—the event encouraged dialogue between industry professionals and the public. Former SEC Commissioner Troy Paredes led both parts of the conversation, ensuring a wide range of voices were heard.
Central to the discussion, as it has been for years, was the question of when a cryptocurrency or its transactions should be classified as a security. Chris Brummer, CEO of Bluprynt and professor at Georgetown Law, provided insight into the relevance of the Howey Test. He explained that “when you have savings, there’s an issue of investor protection,” emphasizing how the common enterprise element addresses broader structural concerns. He added, “It really just goes to information asymmetries, and then the question of profits goes to investor psychology—greed and fear, the kinds of things that can distort decision-making. And basically, when you have all those factors together, you have a mandated disclosure rule.”
Sarah Brennan, General Counsel at Delphi Ventures, pointed out that the SEC’s current approach has limited many crypto projects. Although these projects often aim for widespread distribution, concerns about complying with securities laws frequently push them to act more like traditional public offerings. “We see more and more the token is the product. There are different ways that people are artificially supporting price, and it’s generally been, I’d say, sort of toxic to the market,” she observed.
John Reed Stark, a former SEC attorney, highlighted the economic nature of crypto transactions, stating, “However you want to look at it, the people buying crypto are not collectors. We all know that they’re investors, and the mission of the SEC is to protect investors.”
While the long-term direction of the SEC’s evolving relationship with the crypto industry remains to be seen, the agency is making a concerted effort to engage more openly. Strong attendance at the roundtable, along with significant interest in the livestream, suggests that the industry is closely watching. The SEC seems committed to fostering a more transparent and structured regulatory environment, one that could redefine how crypto operates within the U.S. financial system.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist