On September 4, 2025, the US Securities and Exchange Commission (SEC) released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, highlighting the priorities for the SEC under Chairman Paul Atkins. The rulemaking agenda was heavy on changes to the regulatory framework related to crypto assets, including the offer and sale of crypto assets, custody of crypto assets, exemptions, safe harbors, and amending Exchange Act rules for the trading of crypto on alternative trading systems (ATSs) and national securities exchanges.
The focus on clarifying the regulatory framework for crypto assets follows Chairman Atkins’ speech on ‘American Leadership in the Digital Finance Revolution’ where he outlined efforts to ensure US crypto market primacy through modernizing SEC rules and use of broad authorities (e.g. interpretative, exemptive, and other authorities) to “establish – as swiftly as we can – a regulatory framework for distributions of crypto assets in America”.
In his speech, Chairman Atkins proposed an innovation exemption allowing rapid go-to-market for new models under principles-based oversight, avoiding outdated regulatory burdens, and leading the global digital finance revolution by focusing on the following areas:
- Fundamentally changing regulatory frameworks
- Reshoring of crypto businesses
- Roles for custodians and trading venues
- Financial market product offerings
- On-chain software systems
- Fostering innovations in the crypto asset market.
He also discussed a number of the authorities that will allow the SEC to drastically change the market for established capital markets firms and digital asset platforms. Quoting from the Chairman’s speech, these entities will focus on the following imperatives:
- “Develop clear guidelines that market participants can use to determine whether a crypto asset is a security or subject to an investment contract”
- “Help market participants to slot crypto assets into categories, such as digital collectibles, digital commodities, or stablecoins”
- “Participate in blockchain network consensus with tokenized equities”
- “Propose purpose-fit disclosures, exemptions, and safe harbors, including for so-called ‘initial coin offerings’, ‘airdrops’, and network rewards”
- “Work with firms seeking to distribute tokenized securities within the United States and to provide relief where appropriate”
- “Modernize the SEC’s custody requirements for registered intermediaries”
- “Adapt the existing regime to facilitate the custody of crypto assets, including possible exemptive or other relief, in addition to changes to the rules themselves”
- “Develop a framework that will allow non-security crypto assets and crypto asset securities to be traded side-by-side on SEC-regulated platforms”
- "Update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets”
Chairman Atkins added: “Under my vision for an innovation exemption, innovators and visionaries will be able to immediately enter the market with new technologies and business models but will not be required to comply with incompatible or burdensome prescriptive regulatory requirements that hinder productive economic activity.”
Prioritizing compliance, cost reduction and clarity
While its focus is primarily on crypto assets, Chairman Atkins' accompanying statement explained that his priorities are focused on efforts to reduce compliance burdens, reduce costs, and make rules clearer for all market participants.
Through deregulatory rule proposals and amending existing rules, the SEC will also focus on areas such as asset-backed securities registration and disclosure enhancements, amendments to Form N-PORT, rationalization of disclosure practices, definition of a dealer, and the evaluation of the Continued Effectiveness of the Consolidated Audit Trail (CAT).
The focus on rationalization of disclosure practices, modernizing the requirements of Exchange Act Rule 14a-8 to ease compliance with the shareholder proposal process, simplifying the rules for capital formation under shelf registration modernization, and updating the Exempt Offering Pathways. Each of these proposals is intended not only to ease compliance burdens but also to facilitate capital formation and simplify pathways for raising capital.
Overall, the SEC rulemaking agenda includes 23 items that will be considered in 2025 and into the spring of 2026. With many of the rulemakings compressed in the April 2026 timeframe, the timelines would be subject to change depending on prioritization by the Chairman. It will be important for financial institutions to closely monitor the changing regulatory frameworks that will evolve over the next several years under this agenda and either sustain, improve, or negatively affect their competitive position.
Below we set out the proposed rulemakings contained in the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions.
| Agency | Agenda Stage of Rulemaking | Title | Action | Date |
|---|---|---|---|---|
| SEC | Prerule Stage | Foreign Private Issuer Eligibility | ANPRM | 06/09/2025 |
| SEC | Prerule Stage | Asset-Backed Securities Registration and Disclosure Enhancements | ANPRM | 10/00/2025 |
| SEC | Prerule Stage | Evaluating the Continued Effectiveness of the Consolidated Audit Trail | ANPRM | 10/00/2025 |
| SEC | Proposed Rule Stage | Rule 144 Safe Harbor | Second NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Crypto Assets | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Shelf Registration Modernization | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Updating the Exempt Offering Pathways | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Rationalization of Disclosure Practices | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Shareholder Proposal Modernization | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Updates to "Small Entity" Definitions for Purposes of the Regulatory Flexibility Act | NPRM | 10/00/2025 |
| SEC | Proposed Rule Stage | Amendments to Form N-PORT | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Amendments to Rule 17a-7 Under the Investment Company Act | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Amendments to the Custody Rules | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Transfer Agents | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Publication or Submission of Quotations Without Specified Information | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Crypto Market Structure Amendments | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Trade-Through Rule | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Definition of Dealer | NPRM | 04/00/2026 |
| SEC | Proposed Rule Stage | Enhanced Oversight for U.S. Government Securities Traded on Alternative Trading Systems | NPRM | 04/00/2026 |
| SEC | Final Rule Stage | Financial Data Transparency Act Joint Data Standards | Final Action | 12/00/2025 |
| SEC | Final Rule Stage | Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers | Final Action | 04/00/2026 |
The speed at which US market regulators are looking to address complex regulatory gaps and rapidly evolving technologies is highlighted by the rapid cadence of announcements from the SEC and Commodity Futures Trading Commission (CFTC) relating to modernized rules, regulations, and guidelines. For reference, below is the full joint statement issued by the SEC and CFTC:
Joint Statement from the Chairman of the SEC and Acting Chairman of the Commodity Futures Trading Commission (CFTC)
On September 5, 2025, the day after the release of the SEC Rulemaking Agenda, the SEC and CFTC issued a joint statement “Joint Statement from the Chairman of the SEC and Acting Chairman of the CFTC” highlighting future changes to 24/7 markets, event contracts, perpetual contracts, portfolio margining, innovation exemptions, and decentralized finance. The joint statement makes it clear that the SEC and CFTC rulemaking activities will be coordinated and focused on “harmonization” of the regulatory frameworks for market participants.
The joint statement highlighted that “It is a new day at the SEC and the CFTC, and today we reaffirm the need to ensure regulation does not stand in the way of progress. By working in lockstep, our two agencies can harness our nation’s unique regulatory structure into a source of strength for market participants, investors, and all Americans.” The speed at which the agencies are moving reminds firms that while the debate over deregulation focuses on eliminating or reducing the overall number of regulations a firm must comply, the SEC and CFTC actions will require the ability to determine whether No Action, Interpretive and Exemptive Letters, Innovation Exemptions, or rulemaking is an opportunity, headline risk, or a genuine risk that requires responding quickly and refocusing resources and infrastructure to remain competitive.
The CFTC and SEC are starting with a joint SEC-CFTC roundtable on regulatory harmonization to assess the current fragmented oversight under their authorities, legal uncertainties, and discuss potential areas where the agencies can coordinate. There are several areas that firms will need to monitor for potential operational impacts including expanded trading hours, new products and services in the market (e.g., perpetual contracts, event contracts, etc.) portfolio margining and hedged positions, and potential safe harbors to engage in “peer-to-peer trading of spot, leveraged, margined, or other transactions in spot crypto assets, including derivatives such as perpetual contracts, over DeFi protocols.”
Several of the areas considered by the SEC and CFTC for change could have a significant impact on the operating environment and competitive realities for investment banks, broker-dealers, registered investment advisers, and digital asset firms. Each firm will need to not only assess emerging regulatory requirements established by these rulemakings, but also rapidly evolving business models, technological innovations, and emerging competition offering products and services that could compete with traditional capital markets firms.
Further reading:
SEC: Statement on the Spring 2025 Regulatory Agenda: https://www.sec.gov/newsroom/speeches-statements/atkins-2025-regulatory-agenda-090425
OIRA: Agency Rule List: https://www.reginfo.gov/public/do/eAgendaMain
SEC: American Leadership in the Digital Finance Revolution: https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
CFTC: Joint Statement from the Chairman of the SEC and Acting Chairman of the CFTC: https://www.cftc.gov/PressRoom/SpeechesTestimony/phamatkinsstatement090525