SEC Hosts Crypto Roundtable April 11, 2025

The U.S. Securities and Exchange Commission (SEC) is set to host a significant roundtable discussion on April 11, 2025, at its headquarters in Washington, D.C. The event, titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading,” is a key step in the SEC’s evolving approach to regulating the cryptocurrency sector. Led by SEC Commissioner Hester Peirce, who chairs the newly formed Crypto Task Force, the roundtable aims to facilitate a comprehensive dialogue on the current state and future direction of crypto trading regulations.

The four-hour session, scheduled from 1 p.m. to 5 p.m. ET, will feature a diverse array of industry leaders and financial experts. Notable attendees include Katherine Minarik, Chief Legal Officer of Uniswap Labs, Gregory Tusar, VP of Institutional Product at Coinbase, and Chelsea Pizzola, Associate General Counsel at Cumberland DRW. These companies have previously faced legal scrutiny from the SEC, though investigations were eventually dropped during the Trump administration. Other participants from the crypto industry include Austin Reid, global business head at FalconX, and Richard Johnson, CEO of tokenization platform Texture Capital.

Representing the traditional finance world are Jon Herrick, Chief Product Officer at the New York Stock Exchange (NYSE), and Christine Parlour, professor at UC Berkeley. Additionally, Dave Lauer of We the Investors and Tyler Gellasch from the Healthy Markets Association will contribute their perspectives, both known for advocating for more transparent market regulation and better market practices.

This roundtable is the second in a five-part series organized by the SEC, titled “Spring Sprint Toward Crypto Clarity.” The first roundtable, held on March 21, 2023, focused on the legal treatment of crypto assets and marked the launch of the new crypto task force’s public engagement. The upcoming session will involve an open discussion on the current state of cold trading, followed by a session on potential next steps in shaping SEC policy on crypto regulation. Stakeholders will have the opportunity to share their thoughts on regulatory uncertainty, stimulating innovation, and protecting investors.

The SEC’s review of several staff statements issued in previous years, including five directly related to the crypto sector, aligns with President Trump’s executive order on deregulation. This review is supported by the Department of Government Efficiency. Acting Chair Mark Uyeda confirmed the ongoing review in an April 5 post, highlighting documents such as a 2019 framework assessing whether crypto sales qualify as securities under the Howey Test, SEC guidance on the risks of Bitcoin futures funds, and a statement questioning whether state-chartered banks can act as qualified crypto custodians.

In a related regulatory update, the SEC approved a Form S-4 filing from Galaxy Digital, indicating its plans to redomicile from the Cayman Islands to Delaware. This move will create a new U.S. holding company, Galaxy Digital Inc., enhancing its institutional presence in the U.S. market.

This roundtable discussion is a pivotal moment for crypto trading regulations, as it brings together key players from both the crypto and traditional finance sectors. The diverse perspectives and expertise of the attendees will likely contribute to a more nuanced understanding of the regulatory challenges and opportunities in the crypto space. The SEC’s efforts to engage with the public and industry stakeholders through this series of roundtables demonstrate a commitment to fostering a more transparent and innovative regulatory environment for crypto trading.