Golden Finance reported that the U.S. Securities and Exchange Commission (SEC) recently held the first roundtable of the crypto task force at its Washington headquarters, discussing a long-standing core issue - what makes an asset a securities. The meeting marks a significant change in the way the SEC regulates the cryptocurrency industry, after a model that some crypto advocates called “regulation through law enforcement” may be coming to an end in the past years. a16z crypto general counsel Miles Jennings said the SEC’s past regulatory approach failed to achieve its three major goals: investor protection, capital formation and market efficiency. He believes the current approach “apparently does not work” and must be improved. Cooley LLP Special Adviser Rodrigo Seira proposed that the intention to purchase an asset does not automatically make it a security. He took the purchase of art as an example to illustrate that investment intention should not be directly exposed to securities issuance supervision.