Internet reports that the U.S. Securities and Exchange Commission (SEC) recently held the first Crypto Working Group roundtable at its Washington headquarters to discuss the long-standing core issue-what makes an asset a security. The meeting marks a significant change in the way the SEC regulates the cryptocurrency industry, and the model that some crypto advocates have for years called "regulation through enforcement" may be coming to an end. Miles Jennings, general counsel for a16z crypto, 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 is "obviously not working" and must be improved. Rodrigo Seira, special adviser to Cooley LLP, argued that the intention to buy an asset does not automatically make it a security. He cited the purchase of art as an example to illustrate that investment intentions should not directly trigger securities supervision.