Securities and Exchange Commission (SEC) Chairman Paul Atkins outlined a broad shift in US securities regulation, signaling changes to crypto oversight, IPO requirements, and corporate disclosure rules as the agency moves away from what he described as years of regulatory expansion.
Speaking at the Reagan National Economic Forum in California today, Atkins said the Securities and Exchange Commission is working to modernize rules for digital assets while reducing compliance burdens that he argued have discouraged companies from entering public markets.
The remarks marked one of Atkins’ clearest policy statements since taking office and highlighted the SEC’s evolving stance under President Donald Trump’s administration.
SEC pushes new direction on crypto regulation
Atkins said the SEC is working jointly with the Commodity Futures Trading Commission through “Project Crypto,” an initiative aimed at adapting securities rules for blockchain-based markets and tokenized financial assets.
According to Atkins, the SEC has already begun providing guidance on which digital assets may fall under securities laws and is developing an “innovation exemption” tied to tokenized listed securities and onchain trading systems. He criticized the previous SEC approach to digital assets, arguing that regulatory uncertainty and enforcement-heavy policies pushed crypto firms and developers outside the United States.
“The market rendered its verdict,” Atkins said, adding that digital asset innovation had increasingly developed overseas during the prior years of regulatory pressure.
IPO rules and disclosure requirements under review
A major portion of Atkins’ speech focused on public markets and corporate disclosure obligations. He said the SEC plans to reduce what he described as excessive disclosure requirements that expanded beyond material investor information. Atkins argued that growing compliance costs made public listings less attractive for companies over the past two decades.
According to Atkins, the number of publicly listed US companies declined roughly 40% between 1994 and his return to the SEC in 2025. The agency is now reviewing several measures designed to simplify the process of going public. Atkins referenced recent proposals that could allow more flexibility in reporting schedules and reduce regulatory burdens for listed companies.
He also confirmed that the SEC has proposed rescinding the prior administration’s climate disclosure rule, calling it an example of disclosure mandates that moved beyond the agency’s core mission.
SEC and CFTC move toward joint crypto oversight
Atkins said coordination between the SEC and CFTC is improving after years of overlapping jurisdictional disputes involving digital assets. He stated that both agencies are attempting to create clearer regulatory boundaries for crypto firms and market participants, replacing what he described as a “regulatory no-man’s land.”
The comments come as US regulators face growing pressure from the crypto industry and lawmakers to establish a more consistent framework for digital assets, stablecoins, and tokenized securities.
Atkins frames changes as return to “first principles”
Throughout the speech, Atkins repeatedly referenced former President Ronald Reagan’s free-market philosophy, arguing that financial regulation should support capital formation without creating unnecessary barriers.
He described the SEC’s current direction as a “new day” for the agency, centered on market efficiency, investor protection, and streamlined regulation rather than expanding disclosure mandates. Atkins said the SEC’s reforms are still in early stages but indicated that additional rule changes tied to crypto markets and public company regulations are likely to follow.
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