- The SEC has launched a three-month crypto initiative aiming to clarify token classification and crypto regulation strategies.
- Commissioner Peirce and Acting Chair Uyeda emphasize open dialogue over enforcement, signaling a more collaborative regulatory shift.
The U.S. Securities and Exchange Commission (SEC) has kicked off a concentrated three-month effort to untangle some of crypto’s most persistent regulatory puzzles. From April through June, the SEC’s Crypto Task Force will host four roundtables focused on the future of decentralized finance (DeFi), tokenization, and asset classification.
Last Friday in Washington, D.C., the opening session set the tone. Commissioner Hester Peirce dubbed the initiative the “Spring Sprint Toward Crypto Clarity,” suggesting a shift in pace—if not yet in policy. The session zeroed in on the question of whether crypto tokens fall under the existing definition of securities. It’s a question that has haunted developers, investors, and regulators alike.
Miles Jennings, general counsel at a16z Crypto, didn’t hold back in his criticism of the agency’s past methods. According to Jennings, the SEC’s strategy so far has done little to protect investors or encourage innovation.
“The Crypto Task Force roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them,” Peirce said in a follow-up statement Tuesday.
SEC’s High-Stakes Crypto Schedule Unfolds
The next three roundtables are already on the books. “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading” lands on April 11, followed by discussions on crypto custody (April 25), tokenization (May 12), and decentralized finance (June 6). All events will take place in D.C. and will be streamed online for public viewing.
Behind the scenes, the initiative is being led by Acting SEC Chair Mark T. Uyeda, who launched the Crypto Task Force on January 21. His approach, in contrast to the SEC’s past enforcement-first style, leans toward building a rules-based framework through open dialogue. Uyeda said,
This approach of using notice-and-comment rulemaking or explaining the Commission’s thought process through releases – rather than through enforcement actions – should have been considered for classifying crypto assets under the federal securities laws.
He emphasized how fragmented interpretations of crypto law have been, noting the inconsistency between federal courts when applying the Howey Test, a legal benchmark for determining what qualifies as a security. “The challenges in applying Howey’s investment contract test are not unique to crypto,” Uyeda explained during the event.
Atkins Could Be a Game-Changer
Thursday will bring another major moment for crypto watchers. Paul Atkins, nominated for SEC Chairman and a former commissioner from 2002 to 2008, faces his Senate confirmation hearing. Known for his favorable view of digital assets, Atkins could push the agency further toward accommodating the crypto space if confirmed.
In addition to internal reshuffling, the SEC is also inviting outside voices to shape the outcome. The task force has opened the door for public participation by allowing stakeholders to apply for panelist roles in future roundtables. This new tone of collaboration signals a break from the SEC’s historically insular policy development.
The momentum builds on a recent announcement that crypto mining does not violate securities laws—a rare moment of clarity in an otherwise blurry landscape. Also under review is the potential for NFTs to be formally recognized within a regulatory framework, though nothing concrete has emerged yet.
