SEC Signals Regulatory Path for DeFi in June 9 Roundtable

- SEC to Hold Final Cryptocurrency Roundtable on June 9th - Discussion on Smart Contracts and Stablecoin Regulation Focused on DeFi [Unblock Media] On June 9, 2025, the U.S. Securities and Exchange Commission (SEC) will host the final cryptocurrency roundtable. The core theme of this meeting will be decentralized finance (DeFi), with a focus on the legal challenges and regulatory direction facing blockchain-based intermediary-free financial systems. The SEC's choice of DeFi as the last theme for the roundtable indicates that this area has evolved beyond mere experimentation to become a major issue directly connected to mainstream finance. Key topics of discussion will include the criteria for determining whether smart contract-based DeFi protocols fall under existing securities laws, and the potential modernization of the Howey Test for algorithm-based revenue structures. The scope of regulation surrounding stablecoins, which are gaining attention as a means of digital asset payment, is also expected to be a key point of discussion. There are many opinions that clear guidelines are needed on whether to allow stablecoins in tokenized securities settlement systems. DeFi is gaining attention as an innovative alternative due to its lower fees and higher accessibility compared to traditional financial systems. However, it also comes with its own technological and legal risks. The code vulnerabilities of smart contracts, extreme liquidity fluctuations, and the ambiguous accountability due to decentralization have been identified as issues that need to be addressed before DeFi can be widely adopted. This roundtable is expected to offer a practical direction for integrating DeFi into the established financial system, through in-depth discussions between industry and regulatory authorities on these issues. The SEC plans to draft concrete regulatory proposals for DeFi based on the outcomes of the meeting. Some industry observers predict that this meeting could be a turning point for the influx of institutional investors. If clear legal standards are established, the full-scale integration of traditional finance and DeFi might become a reality. On Twitter, the news has sparked reactions like "Crypto is here to stay," along with growing expectations that the formalization of DeFi will accelerate.