What the SEC’s Crypto Roundtable Signals for Digital Assets

The April 2025 crypto roundtable hosted by the U.S. Securities and Exchange Commission (SEC) represented a significant shift in the regulatory landscape for digital assets. Under the leadership of newly appointed SEC Chair Paul Atkins, digital asset policy rapidly became a central focus of the Commission’s agenda. Atkins established a collaborative, transparent, and forward-looking regulatory approach, distinctly different from the enforcement-focused strategies of previous years. In his opening remarks, Atkins emphasized, "The current regulatory framework was built for a different era, one that never imagined the existence of digital assets. It’s time for a serious update."

Atkins' First Moves: A Sharp Break from the Past

Atkins wasted no time signaling a decisive shift in the SEC’s approach. His immediate focus on addressing regulatory uncertainties underscored a commitment to proactively modernize existing frameworks. Historically, the SEC’s stance created uncertainty, hindering institutional adoption and innovation. Atkins' opening speech emphasized coexistence between innovation and regulation: "We must foster an environment where innovation and regulation coexist," he noted, highlighting the need for balance and clarity in rule-making to maintain U.S. competitiveness globally.

Custodial Clarity: The Foundation for Institutional Growth

A primary focus of the roundtable was digital asset custody, identified as critical infrastructure for the industry’s future. Custody uncertainties have consistently deterred institutional investors. The roundtable recognized various custody models, qualified custodians, self-custody solutions, and hybrid approaches, as essential components of the emerging regulatory landscape.

BitGo’s VP of Corporate Development Baylor Meyers captured the industry sentiment effectively: "There is more momentum behind digital asset custody clarity today than at any point in the last decade." SEC Commissioner Hester Peirce offered a vivid metaphor summarizing previous challenges: "Navigating crypto custody today feels like playing a game of 'The Floor is Lava,' one misstep, and you're out." These remarks underscored the urgent need for clear and practical custody standards, tailored specifically to digital assets rather than traditional financial instruments.

Industry Reaction: Cautiously Optimistic

The industry greeted the SEC roundtable with measured optimism. Many stakeholders have long sought clarity rather than confrontation, and the roundtable appeared to signal the beginning of a constructive dialogue, a major change from the last few years of regulatory interactions where rules were unclear and enforcement was used as policy.

Despite the positive signals, panelists emphasized the necessity for concrete actions following dialogue. The industry's cautious stance reflects its awareness that prior discussions have not always translated into meaningful regulatory change. The focus now shifts to whether the SEC can deliver clear, practical rules that foster innovation and safeguard market integrity without stifling growth.

Critical Takeaways from the Roundtable

Several key insights emerged clearly from the event:

• Regulatory frameworks must evolve explicitly for digital assets; traditional finance models are inadequate without significant adaptation.

• Clear custody guidelines are urgently required to facilitate safe institutional participation.

• Innovation and consumer protection are complementary, not conflicting, regulatory goals.

• The newly formed Crypto Policy Task Force will be pivotal in shaping future policy.

• Industry players remain cautiously optimistic, but sustaining that optimism will require clear, actionable follow-through.

An Opportunity for Real Change

The SEC roundtable marked more than a shift in tone—it outlined a path forward. Chair Atkins’ focus on collaboration and modernization signaled that digital assets may finally get a regulatory framework built for their realities, not outdated models.

But progress hinges on action. Clear guidance on custody, disclosures, and asset classification is essential to unlock broader institutional participation and drive U.S. dominance in digital finance. The Crypto Policy Task Force is a promising start, but credibility will come from results, not rhetoric.

This is a rare moment to align innovation with regulation. If the SEC maintains its current momentum, it can lay the foundation for a balanced, forward-looking framework that fosters both growth and trust. The next moves will define whether this moment sparks lasting change—or fades as another missed opportunity.