The U.S. Securities and Exchange Commission has proposed its most significant overhaul of initial public offering and public-company rules in more than two decades, aiming to reduce compliance costs and simplify capital raising. The changes could directly benefit mid-sized cryptocurrency firms seeking to go public or raise additional funds after listing.
The proposal, announced Tuesday, would allow newly public companies to use "shelf registrations" immediately after an IPO. Currently, firms must wait about a year before registering securities for quick sale. Additionally, the SEC plans to eliminate the existing $75 million public float threshold tied to unrestricted shelf offerings, broadening access for smaller companies.
The reforms would also expand regulatory accommodations reserved for the largest public firms. Only about 36% of listed companies currently qualify, but the proposal would raise that figure to roughly 75%. These accommodations include streamlined registration, greater communication flexibility during offerings, and expanded broker-dealer research coverage.
Another key change raises the "large accelerated filer" status threshold from $700 million to $2 billion in public float. Companies valued between those levels would avoid the SEC’s toughest reporting and audit requirements for a longer period, with at least a five-year exemption after going public. That shift could help crypto firms still scaling operations after their debut.
SEC officials said the package responds to a long-term decline in U.S. public companies. Over the past 18 months, crypto-related entities such as BitGo (BTGO), Circle (CRCL), Bullish (BLSH), Securitize, and Kraken have either completed listings or explored IPOs. The proposal does not create crypto-specific rules but signals a broader push toward capital formation, potentially encouraging a new wave of digital-asset company listings.
The rules are now open for a 60-day public comment period before any final adoption.
