Signs emerged at the kickoff of the SEC's crypto rulemaking process Friday that even the crypto skeptical have begun to accept the idea of a tailored regulatory regime. Why it matters: The U.S. securities regulator has resisted calls for years to craft rules fit to purpose for the crypto industry.

Among the participants of the roundtable were John Reed Stark, former chief of the SEC's Office of Internet Enforcement, Miles Jennings, the general counsel for Andreessen Horowitz's crypto arm, a16z,