SEC’s Inaugural Crypto Roundtable Fails to Define Security Status
The SEC's newly formed crypto task force held its first roundtable discussion on defining the security status of cryptocurrencies. The meeting lasted two hours, followed by a 90-minute public Q&A session. Key outcomes include:
- No consensus reached on whether cryptocurrencies qualify as securities under the Howey test.
- The SEC currently lacks a permanent chair and operates with three commissioners, suggesting no imminent formal rules for crypto.
- Discussion heavily centered around the Howey test, indicating its ongoing relevance in determining security status.
- Notable attendees included legal experts from a16z Crypto and Delphi Ventures, marking a significant gathering of crypto lawyers at the SEC.
- Current SEC staff statements lack legal backing, leaving room for future changes under new leadership.
- Paul Atkins is expected to be nominated as the next SEC Chair, likely to maintain a pro-crypto stance.