The U.S. Securities and Exchange Commission (SEC) hosted its second Crypto Task Force roundtable on April 11, 2025, focusing on regulatory frameworks for the cryptocurrency sector. Key participants included members from the Blockchain Association, such as representatives from Uniswap, Cumberland, FalconX, and Coinbase. The roundtable discussions highlighted a potential regulatory sandbox that would allow crypto exchanges to experiment with innovations like tokenized securities trading before formal regulations are established. SEC acting chair Mark Uyeda emphasized the need for a balanced approach that fosters innovation while ensuring investor protection. Additionally, the SEC clarified its stance on reserve-backed stablecoins, stating they may not be classified as securities, which could influence future regulatory approaches. The discussions are viewed as a shift from previous SEC policies under former chair Gary Gensler, signaling a more open regulatory environment for the crypto industry.