Crypto Task Force to Host Four Roundtables Exploring Trading, Custody, and DeFi

The Crypto Task Force is intensifying its focus on digital asset regulations, revealing plans to hold four more roundtable discussions.

This announcement made on Monday comes shortly after the task force held its inaugural roundtable on March 21.

SEC’s Crypto Task Force Schedules Four New Roundtables  

The upcoming discussions, scheduled to run from April to June, will tackle key aspects of crypto regulation.

“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,” Commissioner Hester Peirce stated in the press release.

The task force will kickstart these new roundtables on April 11 with “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.” On April 25, the discussion will shift to cryptocurrency custody with “Know Your Custodian: Key Considerations for Crypto Custody.” 

The third roundtable, “Tokenization – Moving Assets Onchain: Where TradFi and DeFi Meet,” will take place on May 12.  Finally, the last roundtable, “DeFi and the American Spirit,” will take place on June 6.

The roundtables will be held at the SEC’s headquarters and open to the public. They will also be streamed live, and recordings will be made available afterward.

Notably, the task force has also kept provisions for public participation. It will allow stakeholders to apply for consideration as panelists for the upcoming roundtables. This collaborative approach marks a departure from the SEC’s previous stance.

These initiatives build on the regulator’s continued efforts to create clearer and more comprehensive regulations for digital assets. The inaugural roundtable, for instance, explored the legal challenges of classifying crypto assets under federal securities laws.

In his remarks at the roundtable, SEC’s Acting Chair, Mark Uyeda, highlighted the ongoing legal and regulatory challenges surrounding crypto assets since the introduction of Bitcoin (BTC) in 2008. Despite nearly two decades passing, he pointed out that there are still significant debates among different groups on how these crypto assets should be classified.

“The challenges in applying Howey’s investment contract test are not unique to crypto,” he said.

Uyeda stressed that various federal courts have produced differing interpretations of the test over the years, making the process quite complex. However, he emphasized that differences in court opinions are common and that regulatory bodies like the SEC have stepped in to clarify such issues in the past. He suggested that a similar approach could have been used for crypto assets.

“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,” Uyeda remarked.

He also underlined the significance of the roundtable, stating that it was a crucial first step in addressing the issue.