SEC Prioritizes Crypto Rules in New Regulatory Agenda

The U.S. Securities and Exchange Commission (SEC) has released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, marking a significant shift in the agency's regulatory priorities. The agenda places digital asset oversight at the forefront, while also introducing deregulatory measures aimed at reducing compliance costs and streamlining outdated requirements.

SEC Chair Paul Atkins described the new roadmap as a clear departure from past approaches. "This regulatory agenda reflects that it is a new day at the Securities and Exchange Commission," he said on Sept. 4. According to Atkins, the Commission is focused on "supporting innovation, capital formation, market efficiency, and investor protection," while withdrawing proposals he argued were misaligned with effective oversight.

For the first time, the Unified Agenda includes crypto-specific proposals classified as "economically significant." One initiative, led by the Division of Corporation Finance, seeks to establish rules governing the offer and sale of digital assets, potentially including exemptions and safe harbors. A parallel effort, led by the Division of Trading and Markets, would adapt Exchange Act rules to account for how crypto assets are traded on alternative trading systems and national exchanges. Both are scheduled for April 2026.

Beyond crypto, the agenda addresses broader market infrastructure. The SEC plans to revisit the Consolidated Audit Trail (CAT), a surveillance project that has faced scrutiny over ballooning costs and risks tied to centralized data storage. A recent federal appeals court ruling added further momentum to calls for reassessment.

Other priorities include expanding investor access to private businesses and easing compliance burdens for companies, particularly smaller market participants. By pairing deregulatory steps with crypto-specific oversight, Atkins' strategy attempts to balance innovation with investor safeguards.

Industry observers remain divided. Supporters argue that regulatory clarity will bolster U.S. competitiveness in global finance, while critics caution that rigid rules may not keep pace with the rapidly evolving crypto sector.