The U.S. Securities and Exchange Commission (SEC) cryptocurrency working group recently announced that it will hold a new round of four roundtable meetings from April to June 2025 at the SEC headquarters in Washington, D.C., aimed at delving into key issues surrounding the regulation of crypto assets. This initiative is seen as an important signal of the SEC's shift from strict enforcement to open dialogue in the cryptocurrency space, bringing a long-awaited prospect of regulatory clarity for industry participants and investors. The meetings will be open to the public and will be globally broadcasted via the SEC's official website (SEC.gov), demonstrating the SEC's commitment to transparency and public engagement in policy-making.

Four Roundtable Meetings Focused on Core Issues

According to the announcement on the SEC's official website, this series of roundtable meetings is titled "Spring Sprint Toward Crypto Clarity," covering core areas of current industry development such as crypto trading, custody, asset tokenization, and decentralized finance (DeFi). The specific schedule is as follows:

April 11: "Regulating Crypto Trading: Tailoring Rules Between Blocks and Dilemmas"

The first meeting will focus on the regulatory framework for crypto trading, discussing how to establish appropriate rules for the rapidly evolving crypto trading market while protecting investors and maintaining market integrity. Industry insiders expect the discussion to involve compliance requirements for crypto exchanges and the legal boundaries of secondary market trading. April 25: "Know Your Custodian: Key Considerations in Crypto Custody"

The second meeting will delve into key issues surrounding the custody of crypto assets, including the responsibilities of custodians, risk management, and technical standards. As institutional investors show increasing interest in the crypto market, the compliance and security of custody solutions have become a focal point of regulatory attention. May 12: "Asset Tokenization - On-Chain Assets: The Intersection of Traditional Finance and Decentralized Finance"

The third meeting will explore the potential and challenges of asset tokenization, analyzing the possibilities of integration between traditional finance (TradFi) and decentralized finance (DeFi). This discussion will not only cover technical aspects but also address the legal definition of whether tokenized assets should be considered securities. June 6: "DeFi and the American Spirit"

The final meeting will focus on decentralized finance (DeFi), discussing how its innovations can align with American regulatory traditions and economic spirit. As one of the most disruptive areas in the crypto ecosystem, the regulatory path for DeFi is of great interest. All meetings will be held at the SEC headquarters (address: 100 F Street, N.E., Washington, D.C.), and the public can participate in the discussions on-site by registering in advance, although space is limited and entry will require security checks. For those unable to attend, the SEC will provide live broadcasts via SEC.gov and will release recordings after the meetings to ensure transparent access worldwide.

Hester Peirce: A Turning Point from Enforcement to Dialogue

These roundtable meetings are led by Hester M. Peirce, the head of the SEC cryptocurrency working group and a commissioner. As a representative within the SEC who holds an open attitude towards cryptocurrencies, Peirce has long advocated for a clearer regulatory framework for the crypto industry rather than relying solely on enforcement actions. In the announcement, she stated, "The cryptocurrency working group roundtable meetings provide us with an opportunity to hear experts' passionate discussions on regulatory issues and what actions the committee can take to address these issues." This statement has been interpreted as a potential shift in the SEC's policy direction.

In recent years, under Gary Gensler's leadership, the SEC has been known for its tough enforcement posture, filing lawsuits against several crypto companies for allegedly involving unregistered securities offerings or violating securities laws. However, with the Trump administration taking office in early 2025 and the nomination of a new SEC chair, the regulatory winds seem to be changing. The series of roundtable meetings led by Peirce is seen as a symbolic move for the SEC to shift from "enforcement as regulation" to "cooperation and clarity."

Industry Response: Anticipation Coupled with Caution

Blockchain media BlockBeats reported that this series of meetings "marks a new direction for the SEC from enforcement to cooperation and clear regulatory frameworks." Industry experts generally believe this could be a prelude to the SEC establishing a long-term regulatory blueprint for crypto assets, especially in emerging areas like asset tokenization and DeFi.

Miles Jennings, General Counsel at a16z, stated, "This is a rare opportunity for the industry to engage directly with regulators to jointly address the conflict between compliance and innovation." He specifically mentioned that the trading regulation discussion on April 11 could provide new insights into the registration pathways for crypto exchanges, while the asset tokenization topic on May 12 could influence the pace at which traditional financial institutions enter the blockchain space.

However, there are also voices expressing caution regarding the SEC's intentions. CoinDesk quoted an anonymous industry insider's comment: "While the roundtable meetings are a positive signal, whether the SEC will truly relax regulations remains to be seen with specific policy implementation." In the past, the SEC has faced criticism for its vague regulatory standards and "enforcement-driven delineation," and whether these meetings will lead to substantial changes remains uncertain.

Global Perspective: The International Impact of U.S. Crypto Regulation

As a leader in the global financial market, the regulatory moves of the U.S. SEC not only affect the domestic crypto industry but also have far-reaching implications for international markets. BlockWeeks noted that the SEC's first roundtable meeting was held on March 21, themed "How We Got Here and How to Get Out of the Dilemma - Defining the Status of Securities," attracting 12 experts from legal, investment, and academic fields. The discussions from this meeting set the tone for the subsequent four events, showing the SEC's attempt to fundamentally clarify the legal attributes of crypto assets.

At the same time, other global regulatory bodies are closely monitoring the developments in the U.S. The Monetary Authority of Singapore (MAS) recently launched a digital asset pilot program, while the EU's MiCA regulation has entered the implementation phase. In contrast, U.S. crypto regulation has long been fragmented, with unclear divisions of responsibilities among the SEC, Commodity Futures Trading Commission (CFTC), and Internal Revenue Service (IRS), hindering industry development. Xu Guanghong, Chief Analyst of Overseas Strategy at CITIC Securities, pointed out in a research report: "If the U.S. can clarify the regulatory jurisdiction of cryptocurrencies through these roundtable meetings, it will greatly alleviate the current chaotic situation and provide a reference for global regulation."

Conclusion

The four roundtable meetings of the SEC cryptocurrency working group are undoubtedly a major focus for the crypto industry in 2025. From trading regulation on April 11 to DeFi exploration on June 6, this series of events will provide a platform for dialogue among regulators, industry experts, and the public to collaboratively outline the future landscape of crypto assets. As Hester Peirce stated, this is an opportunity to "listen to opinions and solve problems." Regardless of the outcome, this process will become an important chapter in the history of U.S. crypto regulation, worthy of global attention.

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