The U.S. Securities and Exchange Commission may be heading toward a more constructive stance on digital assets. At its first-ever crypto task force roundtable in Washington, D.C., top legal minds, policy experts, and industry insiders debated how the agency should define and regulate crypto moving forward.
The event comes amid major changes at the SEC, including the departure of former Chair Gary Gensler and a new administration that appears more open to reform. Acting Chair Mark Uyeda appointed Commissioner Hester Peirce, long known for her crypto-friendly views, to lead the newly formed task force.
Peirce described the gathering as the beginning of a
restart of the Commission’s approach to crypto regulation.
That shift was echoed by a16z crypto General Counsel Miles Jennings, who didn’t hold back in his criticism of past efforts. Jennings said, citing failures in investor protection, capital formation, and market efficiency.
I don’t think anyone could credibly argue that the last administration’s approach accomplished any of the SEC’s goals. The current approach is clearly a failure and we have to do better.
Rethinking What Counts as a Security
One of the central questions discussed was what actually constitutes security in the context of crypto. Rodrigo Seira, special counsel at Cooley LLP, argued that simply having investment intent does not make a transaction a securities deal. He likened buying tokens to purchasing artwork — driven partly by appreciation potential, but not inherently subject to securities law.
Not everyone agreed. John Reed Stark, a longtime critic of crypto, insisted that most buyers act as investors and need regulatory protection. Still, even Stark admitted the laws could be improved to reflect the unique nature of digital assets.
With Peirce now leading the task force and more industry voices being brought into the fold, the SEC may finally move beyond enforcement-heavy tactics. Whether this results in clearer guidelines or new legislation remains to be seen — but the agency’s tone is already starting to change.
