- SEC roundtable signals shift from enforcement to practical crypto oversight.
- Experts urge unified rules, citing CFTC-SEC split harms market resilience.
- Panel sees ETF impact, DeFi risks, and calls for modular crypto rules.
U.S. regulators hosted crypto leaders at the SEC’s April 11 roundtable to reshape digital asset trading rules. Discussions signaled a shift toward adaptive regulation focused on crypto custody, market structure, and institutional access.
SEC Roundtable Targets Crypto Trading Frameworks
The SEC has hosted the crypto leaders, as reported by Bitcoinsensus, opening discussions on “Tailoring regulation for crypto trading” at its D.C. headquarters. Commissioner Hester Peirce welcomed a diverse panel from Coinbase, Uniswap, NYSE, Cumberland DRW, and FalconX.
Panelists explored how smart contracts, broker-dealer roles, and crypto custody interact with securities laws across centralized and decentralized venues. Key focus areas included DEX oversight, identity transparency, and managing global enforcement gaps.
Richard Johnson of Texture Capital called for merging the SEC and CFTC, saying fragmented oversight weakens market resilience. Tyler Gellasch emphasized broker registration and identity tracking to enhance investor protection in crypto broker-dealer platforms.
Impacts of the Roundtable on Market Structure and Policy
The reported roundtable, Between a Block and a Hard Place, marked a structural pivot from punitive enforcement to strategic risk alignment in digital asset markets. Participants addressed token exposure, exchange custody models, and the scalability of compliance for DeFi protocols.
Jon Herrick from NYSE highlighted the post-ETF approval phase, where institutional demand shifted toward regulated token access. He noted that digital assets now function within collateralized structures, enhancing liquidity options across traditional trading systems.
Dave Lauer dissected the FTX-Alameda collapse as a failure in vertical integration, where trading and custody collided without risk controls. He stressed the need for modular regulation that separates service layers across crypto-native firms.
Policy Shifts: SEC Leadership, Data Risks, and Global Alignment
Paul Atkins’ appointment as SEC Chair may accelerate sandbox-based regulation, favoring crypto innovation, token standards, and DAO legal frameworks. His free-market stance aligns with experimental policy tracks used in the UK and Singapore.
The SEC placed the Consolidated Audit Trail (CAT) under review, citing cybersecurity and privacy risks in tokenized asset tracking. Systemic risk experts warned against centralizing blockchain transaction data in violation of DeFi principles.
Peirce reiterated that innovation and privacy must remain protected as regulation matures. The roundtable’s feedback loop will shape future rulemaking on token classification, decentralized governance, and cross-chain compliance.
