The U.S. Securities and Exchange Commission (SEC) is making waves with plans to host four additional crypto roundtables, signalling a notable pivot from its historically rigid approach.
After holding its inaugural session in March, the agency will tackle crypto trading, custody, tokenisation, and decentralised finance (DeFi) in the coming months. This shift comes amid leadership changes and growing pressure to clarify rules for the fast-evolving sector.
Breaking Down the Roundtables: Dates, Topics, and Public Access
Kicking off April 11, the SEC’s Crypto Task Force will first explore tailored regulations for crypto trading. A session on custody practices follows April 25, while May 12 delves into tokenisation and moving assets onchain. The series concludes June 6 with a DeFi-focused discussion. All events will stream live or welcome in-person attendees at SEC headquarters in Washington, D.C.
Commissioner Hester Peirce, leading the task force, emphasised the goal: “These
Discussions help identify regulatory gaps and solutions.” While speakers remain unnamed, the agenda highlights the SEC’s urgency to address industry pain points. Furthermore, the agency also plans a March 27 roundtable on AI’s financial risks, a sign of its widening tech focus.
Leadership Changes
Since Acting Chair Mark Uyeda assumed leadership on January 21, the SEC has softened its stance. Under former Chair Gary Gensler, the agency aggressively targeted crypto firms with lawsuits and strict proposals. Now, Uyeda’s team has scrapped a Biden-era rule tightening custody standards for investment advisers and reconsidered expanding exchange regulations to crypto platforms.
Critics argue these moves align with Trump administration priorities, particularly after enforcement actions against Coinbase, Ripple, and others stalled. However, Uyeda maintains the revisions aim to foster innovation. “We’re recalibrating to avoid stifling growth,” he stated in a March 10 speech.
From Crackdowns to Collaboration
The SEC’s recent retreat from high-profile crypto cases marks a stark reversal. Under Gensler, the agency filed over 50 enforcement actions in 2023 alone. Now, investigations into firms like Kraken and Immutable have quietly dissolved. Observers speculate the shift ties to Trump’s 2024 campaign, as some targeted companies backed his reelection bid.
Additionally, the SEC dropped its opposition to Ethereum ETFs in March, a move experts call “strategic” amid political pressures. While critics decry inconsistency, advocates argue collaboration beats litigation. “Endless lawsuits create uncertainty,” said Peirce. “We need clear rules, not courtroom battles.”
Peirce’s Blueprint: Building Durable Rules Beyond Partisan Shifts
At the March 26 DC Blockchain Summit, Peirce outlined her vision for lasting crypto regulation. She urged lawmakers to “bake in” policies through legislation rather than temporary guidance. “The Howey test shouldn’t dictate innovation,” she remarked, referencing the SEC’s controversial method for defining securities.
Peirce also championed Congress’s pending market structure bill, which would clarify roles for the SEC and CFTC. Her push comes as Trump’s executive order on stablecoins gains traction, with a bipartisan working group expected to propose frameworks by late 2024. “Durability requires bipartisan buy-in,” she added.
What’s Next?
All eyes now turn to Paul Atkins, Trump’s pick for SEC commissioner. Slated for a March 27 Senate hearing, Atkins, a securities investor and FTX-linked consultant, faces scrutiny over potential conflicts. His confirmation could cement the agency’s pro-crypto trajectory, though Senate Democrats vow to challenge his nomination.
On the other hand, lawmakers fast-track bills to define crypto oversight. A Republican-led proposal aims to exempt tokens from securities laws if their networks are sufficiently decentralised. Conversely, Democrats push stricter stablecoin rules. As debates intensify, the SEC’s roundtables may lay the groundwork for compromise.
A Turning Point for Crypto Regulation?
With four roundtables and leadership changes, the SEC appears on track to redefine its crypto strategy. While skeptics question motives, the industry welcomes dialogue after years of ambiguity. “This is progress,” said Blockchain Association CEO Kristin Smith. “But real clarity requires laws, not just talk.”
As political winds shift, one thing is clear: The SEC’s evolving approach could shape crypto’s future in America for better or worse.
