The U.S. SEC will hold its third crypto policy roundtable on April 25
According to an official announcement from the U.S. Securities and Exchange Commission (SEC), the SEC Crypto Working Group will hold a roundtable event titled “Know Your Custodian: Key Considerations in Crypto Custody” on April 25. The meeting will take place at the SEC’s Washington, D.C. headquarters from 1:00 PM to 5:00 PM.
Topics include: custody through broker-dealers and other intermediaries, custody by investment advisers, and custody by investment companies.
Participants from the SEC include: Acting Chair Mark Uyeda, Commissioner Caroline Crenshaw, and Commissioner Hester Peirce. Other attendees include Jason Allegrante (Fireblocks), Rachel Anderika (Anchorage Digital Bank), Terrence Dempsey (Fidelity Digital Assets), Mark Greenberg (Kraken), Tammy Weinrib (Copper), Larry Florio (1kx), and Ryan Louvar (WisdomTree), among others.
Overview of the SEC Crypto Roundtable
The SEC Crypto Working Group was established on January 23, 2025, at the request of President Donald Trump. Its primary mandate is to propose new digital asset regulations and explore the creation of a national crypto reserve — part of Trump’s campaign promise to rapidly reform U.S. crypto policy. The group includes senior representatives from the Treasury, Department of Justice, Department of Commerce, SEC, and CFTC, demonstrating the administration’s high-level commitment to cross-agency coordination in digital asset oversight.
Since taking office, the Trump administration has promoted an innovation-driven and efficiency-focused regulatory model, hoping to enhance U.S. financial competitiveness through digital transformation. Facing a global wave of crypto growth, the administration believes it is necessary to build a regulatory environment that ensures security while fostering innovation. These regular SEC crypto roundtables are a key part of that strategy. The first was held on March 21 under the theme “Spring Sprint Towards Crypto Clarity.” This will be the second roundtable meeting.
Interpreting the Second SEC Crypto Roundtable
This meeting is not just a technical discussion on crypto custody — it is widely seen as a crucial step in shaping a long-term U.S. regulatory strategy for digital assets. As more traditional financial institutions enter the crypto space, custody issues have become increasingly central. Both institutional and retail investors are asking a key question: Who is qualified to securely hold these assets? The SEC’s initiative aims to clarify the legal boundaries and compliance standards in this critical area.
From the attendee list, it’s clear that the meeting brings together key players in the crypto custody sector. Fireblocks, Anchorage, Kraken, Copper, and WisdomTree represent technical service providers, regulated banks, and asset management platforms. Their input could directly shape forthcoming SEC policies. Particularly in areas like custodial rights, asset segregation, investor protection, and system security, there remains a noticeable gap in understanding between regulators and industry participants. This roundtable is a vital coordination platform and a likely precursor to potential “crypto custody licensing” regulations.
Of special note is the focus on “cliff-style custodianship” — that is, how to manage risk and rules for large, one-time custody deposits. Across ecosystems like Solana, Ethereum, and Bitcoin, institutional-scale custody is widespread. Regulators are increasingly concerned about how to ensure these assets aren’t misused, delayed in withdrawal, or exposed to systemic risk during extreme market conditions. The SEC has emphasized the need for auditable, accountable, standardized custody protocols — especially when dealing with complex clients such as investment advisers and hedge funds.
Why Has the Trump Administration Elevated This Technical Issue to a National Strategic Level?
This move is clearly linked to the changing global crypto landscape in 2025. Since the beginning of the year, Bitcoin prices have approached the $110,000 mark, and institutional capital continues to flow in. Crypto assets are no longer “fringe finance.” The Trump administration sees crypto as a foundational pillar of future financial systems and is working to reshape U.S. leadership in the crypto economy through standardized regulation. This roundtable sends a clear message from the White House: America will no longer treat crypto assets ambiguously — it intends to develop them in a compliant, transparent, and controllable manner.
Beyond Custody: Broader Agenda Items May Be On the Table
Topics may also include:
Exchange transparency
Wallet compliance obligations
KYC/AML alignment
A potential “National Digital Asset Certification” mechanism
According to internal sources, the U.S. Treasury and Department of Justice are working with the SEC on a Digital Asset Clean Certification system. This would encourage compliant platforms to voluntarily undergo audits and receive a “green access label”, clearly distinguishing them from illicit exchanges and gray-market ecosystems.
Mixed Market Reaction to the Event
Some industry participants express concern that the SEC may use the topic of custody as a pretext for tighter control — for example, by enforcing stricter audit requirements or restricting non-bank entities from providing custody, potentially stifling new project flexibility.
Mainstream institutions, however, generally welcome a clearer policy framework, believing that “compliance enables growth.” For asset managers and stablecoin issuers, a predictable regulatory environment is a prerequisite for scaling operations in the U.S.
This trend is visible in market behavior:
Circle has filed an S-1 with the SEC to officially begin the IPO process. The company plans to list on the NYSE under the ticker CRCL. Its USDC stablecoin now commands a 30% market share and has become a major settlement asset on compliant exchanges. In its prospectus, Circle highlights that its custody systems “fully comply with U.S. banking regulations” — clearly anticipating forthcoming custody rules.
Likewise, Coinbase and Anchorage are investing heavily in their custody divisions. Demand for custody-as-a-service is surging.
On the flip side, non-compliant platforms may face existential risks. Once the SEC defines an access threshold, those lacking technical, audit, or legal compliance could be marginalized. As a result, the entire crypto ecosystem may experience shifts in liquidity, project structure, and capital flow. Some observers have already dubbed 2025 the “Year One of Compliant Crypto,” predicting that future platforms must balance decentralization ideals with centralized regulation.
Routine SEC Crypto Roundtables Moving Forward
The SEC plans to institutionalize these crypto roundtables, holding them quarterly and gradually expanding their focus to cover:
NFT financialization
Cross-chain custody
DeFi compliance evaluation
Stablecoin interoperability with central banks
The next roundtable is scheduled for June, under the theme: “Rebuilding Trust in DeFi.”
Note: This announcement is preliminary. Please refer to official SEC releases for final details.
Conclusion
In summary, the April 25 roundtable marks the “second phase” of the SEC’s crypto compliance strategy. It is both a substantive inquiry into custody policy and a reaffirmation of the U.S. government’s regulatory posture. Regardless of the outcome, the event will likely have profound effects on the crypto market in the coming months.
