The U.S. Securities and Exchange Commission (SEC) recently held its first public roundtable focused on regulatory frameworks for the cryptocurrency sector. Panelists, including legal experts and industry advocates, expressed concerns over the current regulatory landscape, highlighting that the existing Howey Test framework is inadequate for regulating the entire digital asset industry. Teresa Goody, a lawyer from BakerHostetler, stated that the Howey Test was never meant to govern an entire industry or technology. John Reed Stark emphasized the potential for a 'wholesale demolition' of crypto enforcement at the SEC if the agency reduces its role in overseeing the sector. The discussions also raised the possibility of increased state and federal civil lawsuits in the absence of clear legal guidelines. Overall, participants called for a more defined approach to determining what constitutes a security in the context of digital assets, with many advocating for a regulatory regime that can adapt to technological advancements. The roundtable concluded with a consensus on the need for clarity in regulations, although differing opinions among crypto advocates and skeptics complicated the discussions.