In a significant departure from the previous administration's enforcement-heavy approach, the U.S. Securities and Exchange Commission has published its Regulatory Agenda under Chairman Paul Atkins, placing a strong emphasis on innovation and clear rulemaking for digital assets. The agenda outlines potential rule updates that could reshape capital formation and crypto asset regulation.
Under former Chairman Gary Gensler, the SEC prioritized political goals like ESG climate disclosures, often sidelining innovation. Atkins, by contrast, has pledged to advance a framework that "embraces innovation and new technology," aligning with President Trump's aim to make the U.S. the "crypto capital of the world."
Among the key agenda items, the Division is considering proposing rules specifically for the offer and sale of crypto assets, including possible exemptions and safe harbors. This would mark a move from the prior regulation-by-enforcement model to a more transparent, rules-based system, providing much-needed market certainty. The Commission is also exploring updates to Rule 144, potentially shortening lock-up periods and making private securities resales easier. For emerging growth companies — generally those with under $1.235 billion in annual revenue — the SEC may expand accommodations and simplify reporting to reduce compliance burdens.
Other notable initiatives include: rolling back climate-related disclosure rules that were seen as costly and detrimental to public markets; enhancing retail investor access to private markets through registered investment vehicles; modernizing exempt offering pathways (Reg D, Reg A+, Reg CF) to ease capital access; and establishing clearer rules for finders who connect investors with capital-seeking firms. Chairman Atkins stressed that public and private market opportunities "should not be reserved for wealthy insiders."
Adding to the regulatory calendar, the SEC has scheduled a Small Business Advisory Committee meeting for July 16, focusing on funding and capital formation issues — a session crypto firms should monitor, as small-business capital rules frequently intersect with token fundraising debates. While not a price catalyst, the agenda and meeting underscore a broader policy shift that could significantly lower barriers for crypto startups and tokenized securities.
