Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Atkins proposes two exemptions for crypto offerings: $5 million over four years for startups, $75 million annually for fundraising. [1]
Read the supporting quotation · SEC speeches and statements
“Two new exemptions from registration under the Securities Act would be created for offerings of covered investment contracts: a “startup exemption” for up to $5 million over a four-year period, and a “fundraising exemption” permitting up to $75 million during each 12-month period.”
Atkins proposes two crypto offering exemptions: $5 million over four years for startups, $75 million annually for fundraising. [2]
Read the supporting quotation · SEC speeches and statements
“a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.”
Atkins cites one biotech spending $11 million on auditor attestation compliance since crossing $700 million threshold in 2021. [3]
Read the supporting quotation · SEC speeches and statements
“One biotech company in particular reported spending around $11 million on that compliance obligation alone since it crossed the $700 million public float threshold in 2021, roughly the cost of running a large Phase 2 clinical trial.”
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Atkins proposes two exemptions for crypto offerings: $5 million over four years for startups, $75 million annually for fundraising. [1]
Read the supporting quotation · SEC speeches and statements
“Two new exemptions from registration under the Securities Act would be created for offerings of covered investment contracts: a “startup exemption” for up to $5 million over a four-year period, and a “fundraising exemption” permitting up to $75 million during each 12-month period.”
Atkins proposes two crypto offering exemptions: $5 million over four years for startups, $75 million annually for fundraising. [2]
Read the supporting quotation · SEC speeches and statements
“a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.”
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Atkins cites one biotech spending $11 million on auditor attestation compliance since crossing $700 million threshold in 2021. [1]
Read the supporting quotation · SEC speeches and statements
“One biotech company in particular reported spending around $11 million on that compliance obligation alone since it crossed the $700 million public float threshold in 2021, roughly the cost of running a large Phase 2 clinical trial.”
Atkins states U.S. exchange listings fell roughly 40 percent between the 1990s and his return as SEC Chair. [3]
Read the supporting quotation · SEC speeches and statements
“Between the 1990s and when I returned to the SEC as Chairman last year, the number of companies listed on the U.S. exchanges had cratered by about 40 percent.”
What does the record say about private markets access?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Atkins proposes two exemptions for crypto offerings: $5 million over four years for startups, $75 million annually for fundraising. [1]
Read the supporting quotation · SEC speeches and statements
“Two new exemptions from registration under the Securities Act would be created for offerings of covered investment contracts: a “startup exemption” for up to $5 million over a four-year period, and a “fundraising exemption” permitting up to $75 million during each 12-month period.”
Atkins announces Trump Accounts launching July 4, allowing $5,000 annual contributions per child under 18 as a traditional IRA. [2]
Read the supporting quotation · SEC speeches and statements
“child under 18 is eligible to open a Trump Account: a type of traditional IRA, held in the child’s name, with the parent or guardian serving as custodian until the child turns 18.”
Atkins cites Draghi report showing EU raises only 5% of global venture capital versus 52% in US. [3]
Read the supporting quotation · SEC speeches and statements
“Europe’s capital markets, he found, remain fragmented, and the flow of savings into them is lower than other major economies—only about 5% of global venture-capital funds are raised in the EU, compared to 52% in the United States.”
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Atkins proposes making electronic delivery the default method for investor communications as a key pillar of his agenda. [1]
Read the supporting quotation · SEC speeches and statements
“By proposing to permit electronic delivery (e-delivery) to become the default method for issuers, market intermediaries, and others to communicate with investors, we are taking another stride toward a regulatory framework suitable for the modern era, a key pillar of my agenda.”
Atkins criticizes SEC rules requiring paper versions for inspection and filing multiple copies with the Commission. [2]
Read the supporting quotation · SEC speeches and statements
“This paper preference shows up in requirements that registrants have paper versions ready for inspection or file multiple paper copies with the Commission.”
Atkins argues paper-default delivery no longer matches majority investor preferences in the modern era. [3]
Read the supporting quotation · SEC speeches and statements
“Delivering information via paper unless the investor affirmatively elects otherwise no longer reflects how the majority of investors prefer to receive information.”
Atkins cites a 40 percent decline in public companies over recent decades as justification for reforming SEC disclosure rules. [3]
Read the supporting quotation · SEC speeches and statements
“Today, the SEC must do likewise. Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
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Quoting Patrick Witt
Serving in this administration has been the privilege of a lifetime.
From helping to stand up the most successful presidential transition in history alongside @howardlutnick and @EDSecMcMahon, to rebuilding our defense industrial base as PTDO Deputy Under Secretary for R&E and
Patrick's unwavering leadership was instrumental in advancing President Trump’s vision for American dominance in crypto. It was a pleasure to work with him.
At the @SECGov, we will continue to work toward establishing a common-sense and comprehensive crypto market structure in https://t.co/oETI37USgu
🚨 NEW EP: Material Matters with @SECPaulSAtkins & SEC Enforcement Director David Woodcock
“We want to be credible, visible, & vigorous. But we also want to be aligned with the larger priorities. We want to make sure that what we're doing is not squashing innovation.”
🔗 BELOW https://t.co/4JXFBtNEFB
Tune in to my latest conversation with David Woodcock, Director of the Division of Enforcement.
The SEC's Enforcement program exists to protect investors and ensure market integrity.
With David at the helm, we’re refocusing on what matters most: fraud and real investor harm. https://t.co/dqfMzTraKs
Today, I had the pleasure of visiting the Metro Atlanta Chamber's Executive Committee to discuss the work we've advanced at the SEC to strengthen and grow our capital markets.
Under my leadership, we are getting back to first principles and rejecting institutional drift by:
✅ https://t.co/sHWHyh7ljW
Commissioner @HesterPeirce's dedication, intellect, and humor will be sorely missed, but her example will ever endure in the Commission’s culture and standard of excellence. https://t.co/m3yioDQ2FQ
TODAY 🚨: The Commission proposed new rules and amendments to provide a tailored framework for the custody of crypto assets for registered investment advisers and regulated funds, i.e. registered investment companies and business development companies. https://t.co/MP16NmQ6og
Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace.
To that end, today’s proposal would https://t.co/9C5LvRb8b5
Under my leadership, the SEC is working to provide clarity to the marketplace so innovative technologies can be developed onshore.
This represents more than a regulatory shift—it is a generational opportunity to advance American leadership in the digital finance revolution. 🇺🇸 https://t.co/hLZ04Mi8sR
For too long, regulatory uncertainty has prevented responsible, yet critical innovation from taking root in the United States.
It has been a priority of my chairmanship to reverse this trend.
Though temporary, the Innovation Exemption is a principled, structured grant of relief https://t.co/PIpxheEyHc
🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools. https://t.co/VDi7Oty2d9
Today, we are taking a significant step forward, within our statutory authority, to bring America’s capital markets into the digital age by facilitating onchain trading of certain tokenized stocks through the "Innovation Exemption." 🇺🇸 https://t.co/BQK0cS70lH
My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable.
I have been unequivocal: with or without legislation, we will act
TODAY🚨: The SEC proposed rescinding Rule 14a-8, which exceeds the scope of the agency's statutory authority and intrudes into matters of state law.
The SEC also proposed amendments to Rule 14a-4(c) to provide companies with greater flexibility and shareholders with greater https://t.co/ceLK41Z5Vx
Our latest proposals demonstrate my focus on ensuring that the Commission’s rules are within the agency’s statutory authority and reflect policy positions grounded in current and anticipated market practice and modern technologies. ⬇️ https://t.co/7nQWtqFtHu
25 years ago today, our nation came under attack—a despicable act of evil stole thousands of lives and sought to demolish our democracy through destruction.
On this solemn anniversary of 9/11, may we renew our resolve to defend our nation and its enduring foundation of freedom. https://t.co/yrZgSLQf46
Thank you, President @realDonaldTrump!
Under your leadership, we are working hard to return the SEC to its core mandate, embrace innovation, and prioritize investor protection and prosperity. 🇺🇸 https://t.co/yFeQ2aqfSe
Thank you, President @realDonaldTrump!
Under your leadership, we are working hard to return the SEC to its core mandate, embrace innovation, and prioritize investor protection and prosperity. 🇺🇸 https://t.co/yFeQ2aqfSe
TODAY 🚨: The SEC proposed to rescind its “pay-to-play” rule that prohibits investment advisers from providing compensated services to a government client for 2 years after making a political contribution to certain elected officials or candidates.
🔗: https://t.co/lKmNNyM6Fs https://t.co/2zru4E9ceb
After more than 15 years of the "pay-to-play" rule, it's clear it is overly prescriptive & produces a host of unintended consequences. Matters involving political contributions are more properly governed by local ordinances, state laws, & federal election regulations—not the SEC. https://t.co/S82fPHApP6
The Regulation Crypto Assets proposal is our most historic step yet to cement America as the Crypto Capital of the World—and is consonant with our belief that Congress should send the CLARITY Act to the President's desk. https://t.co/Z9Pep2Wvph
TODAY🚨: The SEC proposed to update the rules and forms that apply to registered transfer agents.
Read more: https://t.co/C3IYslF4MQ https://t.co/VBCNKKHr1t
This proposal would streamline and modernize the Commission’s rules to reflect transfer agents’ current processes and operations, including the use of electronic communications and blockchain technology in connection with securities offerings and the transfer of shares. https://t.co/nnqBUeXeXX
TODAY🚨: The SEC and the @FDA announced that they have entered into a Memorandum of Understanding (MOU) designed to assist the agencies in carrying out their respective missions of ensuring the integrity of the financial markets and protecting public health. https://t.co/1BIZx0nVob
The @FDA is a valuable partner in our efforts to administer and enforce applicable disclosure requirements under the federal securities laws, and I look forward to further strengthening our partnership through the MOU. https://t.co/OnajWVxLQU
TODAY🚨: The SEC proposed amendments to Rule 3a12-8 to add the debt obligations of the European Union to the list of foreign government debt obligations designated as "exempted securities" solely for the purposes of futures marketing and trading. https://t.co/qYb6AbXgoP
For too long, gaps like this one—where the debt of several EU member states was covered but debt of the EU itself was not—have created inconsistency that breeds confusion rather than confidence in the markets. This proposal is SEC-CFTC harmonization in practice. https://t.co/fB2kxk0SUb
No better way to celebrate a historic week of advancing innovation and American excellence than by ringing the @NYSE Opening Bell from Washington, D.C. for the @Freedom250GP! 🇺🇸 https://t.co/uIxDYqfwtO
Great to join President @realDonaldTrump, @ChairmanSelig, and industry leaders at the @WhiteHouse today.
Under President Trump’s leadership, we will ensure that the greatest advances of the technological frontier are realized right here in America. 🇺🇸 https://t.co/c2QHFFcBB3
SEC Chair Atkins Reaffirms Support For CLARITY Act In Congress · Giancarlo Perlas
Quoted in printX (formerly Twitter)
“🚨NEW: SEC CHAIR PAUL ATKINS Says Clarity Act Is Expected To Reach TRUMP’S DESK 😳🇺🇸🔥
@SECPaulSAtkins says the @SECGov is still BACKING Congress’ work on the Clarity Act and expects the legislation to ultimately make it to the President. ✅
👉 SEC moving forward with its own”
Diana (@InvestWithD) on X · https://x.com/InvestWithD
Quoted in printX (formerly Twitter)
“🚨NEW: SEC CHAIR PAUL ATKINS Says Clarity Act Is Expected To Reach TRUMP’S DESK 😳🇺🇸🔥
@SECPaulSAtkins says the @SECGov is still BACKING Congress’ work on the Clarity Act and expects the legislation to ultimately make it to the President. ✅
👉 SEC moving forward with its own”
Diana (@InvestWithD) on X · https://x.com/InvestWithD
Quoted in printBlockzeit
“By moving forward within our current statutory authority, we can help ensure that America remains the world’s premier destination to innovate, to raise capital, and to build the next generation of financial infrastructure,”
Paul Atkins Says, America 'Must and Will Lead' in Crypto, as SEC Chair Hails 'Most Historic Step' to Modernize Securities Laws for Digital Assets
X quote postX
Quoting U.S. Securities and Exchange Commission
🚨 TODAY: The SEC proposed new rules, “Regulation Crypto Assets,” that would create a clear and fit-for-purpose framework for certain investment contracts involving crypto assets. https://t.co/SAA2sErMXF
As Congress works to establish a lasting regulatory framework, our new proposal, Regulation Crypto Assets, seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws. https://t.co/0ItLaMrDE9
With our new proposal, the SEC is taking the most historic step yet to modernize federal securities regulations for crypto assets.
As the Crypto Capital of the World, the U.S. must and will lead. Regulation Crypto Assets will ensure that we do. 🇺🇸 https://t.co/z0MmDF4doV
“As Congress works to establish a lasting regulatory framework, our new proposal, Regulation Crypto Assets, seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws.”
Paul Atkins (@SECPaulSAtkins) on X · https://x.com/SECPaulSAtkins
Quoted in printX (formerly Twitter)
“As Congress works to establish a lasting regulatory framework, our new proposal, Regulation Crypto Assets, seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws.”
Paul Atkins (@SECPaulSAtkins) on X · https://x.com/SECPaulSAtkins
Quoted in printX (formerly Twitter)
“With our new proposal, the SEC is taking the most historic step yet to modernize federal securities regulations for crypto assets.
As the Crypto Capital of the World, the U.S. must and will lead. Regulation Crypto Assets will ensure that we do. 🇺🇸”
Paul Atkins (@SECPaulSAtkins) on X · https://x.com/SECPaulSAtkins
X quote postX
Quoting U.S. Securities and Exchange Commission
“Alexander Hamilton created a financial system that was built on trust.”
🚨 NEW EPISODE: Material Matters with @SECPaulSAtkins
Chairman Atkins and SEC Chief Accountant Kurt Hohl discuss the importance of materiality, AI, audit oversight, and more.
Listen now ⬇️
Great to sit down with Kurt Hohl, the SEC's Chief Accountant.
Accounting and auditing underpin investor confidence in the integrity of companies’ disclosures, and consequently, our capital markets at-large.
Listen wherever you get your podcasts! https://t.co/ePUazqpMpJ
One of my top priorities as Chairman is to restore the @SECGov’s public company disclosure regime to one rooted in materiality.
As a disclosure agency and not a merit regulator, the SEC should not use its rules to indirectly regulate matters that should be left to the States. https://t.co/OkmTGkBRhT
Under my leadership, efforts are well underway to reform the regulatory landscape and Make IPOs Great Again.
Every IPO is an invitation to workers and savers to participate in the prosperity of the next generation of American enterprise. https://t.co/bAtWU1T3sn
“More than 20 years ago, the U.S. Court of Appeals for the District of Columbia Circuit vacated a rulemaking that would have mandated a board with no less than 75% independent directors and an independent chair as a condition to reliance on certain exemptive rules.”
“By proposing to permit electronic delivery (e-delivery) to become the default method for issuers, market intermediaries, and others to communicate with investors, we are taking another stride toward a regulatory framework suitable for the modern era, a key pillar of my agenda.”
“During my tenure, the Commission has achieved significant reductions in the annual operating costs of the Consolidated Audit Trail (“CAT”) and eliminated reporting of personally identifiable information to the CAT.”
“The PCAOB was established by the Sarbanes-Oxley Act of 2002 (the “Act”) and oversees the audits of the financial statements of public companies, brokers, and dealers through registration, standard-setting, inspection, and disciplinary programs.”
“Two new exemptions from registration under the Securities Act would be created for offerings of covered investment contracts: a “startup exemption” for up to $5 million over a four-year period, and a “fundraising exemption” permitting up to $75 million during each 12-month period.”
“legislation remains indispensable to enacting “future-proofed” rules of the road that are durable enough to protect the work we are undertaking today from being unwound by a future rogue regulator.”
“Having rules that are sensible, clear, and enforceable is key to a well-functioning society. People whose ambition is to build good things for other people can work with such rules, and government can enforce them.”
“we have repeatedly heard from market participants that in today’s evolving technology-driven trading environment, these provisions often introduce unnecessary complexities, burdens, and inefficiencies.”
“That the securities laws do not apply to all crypto assets and activities, however, does not mean that the securities laws do not apply to any crypto assets or activities.”
“Starting in 1995, the Commission recognized the potential of new technology to electronically deliver information to investors and other market participants.”
“I am concerned that what the Rule rather incentivized was a proliferation of new trading venues, which in turn fragmented liquidity and created an increasingly complex, costly, and opaque marketplace for order execution.”
“A more important consequence of the shift to default e-delivery is facilitating the incorporation of technological advances to improve investor engagement with the information being delivered.”
“In addition, a conditional safe harbor from the definition of “investment contract” under the Securities Act and the Securities Exchange Act would be available once an issuer has completed or otherwise permanently ceased all essential managerial efforts that it represented or promised it would engage in under the covered investment contract.”
“To deliver on President Trump’s goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets,”
“To deliver on President Trump’s goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets, and providing clarity as to how market participants can custody and facilitate trading of tokenized securities onchain.”
“Indeed, the release shows that, in today’s markets, the trade-through rule has helped fuel disorder by encouraging the proliferation of exchanges, dampening innovation within them, and inspiring ever more complex order types on those exchanges.”
“which bring our regulations into alignment with the Federal court’s vacatur of both the 75% requirement and the independent chair requirement. These amendments are a necessary step to reaffirm our commitment to sound regulatory principles.”
“If you do headstands, backflips, and other gymnastics to read the law so that it does not apply to crypto assets and activities that are well within the scope of the federal securities laws, you will have a painful fall.”
“In fact, in the past, it actively undermined capital formation with regard to this asset class in the form of regulation by enforcement and disingenuous offers to “come in and register.””
“More recently, a whole generation has struggled with the SEC’s insistence, without regard for adverse effects on investors and entrepreneurs, that people apply a set of inapt rules to crypto.”
“the Commission is evaluating potential paths forward on both Notices, including an approach that would address—in a single Commission order—the relief requested in the IIB Notice and the relief requested in the SIFMA Notice concerning the outward facing condition.”
“Default paper delivery results in a constant source of unnecessary expenses that are paid for by American investors and reduce their investment returns.”
“Only individuals who have never been a certified public accountant are eligible to serve in this seat, which is for a term ending on October 24, 2031.”
“The SEC still assumes and sometimes requires that firms, in the first instance, will design disclosures for viewing on paper (whether it is paper that firms mail or, now with Reg E-Delivery, paper that customers can print from home printers).”
“Rule 611 prioritized the Commission’s assumptions about the way that markets and investors should interact above what could emerge from competition and market forces.”
“benefits that “simply cannot be re-created privately.” 1 This morning, I would like to focus on the Commission’s recent efforts to extend those benefits to a broader range of issuers”
“benefits that “simply cannot be re-created privately.” 1 This morning, I would like to focus on the Commission’s recent efforts to extend those benefits to a broader range of issuers and the process behind those efforts.”
“If adopted, Regulation E-Delivery would establish requirements and conditions under which essential information could be delivered electronically to investors and others without first obtaining their affirmative consent to do so.”
“Under the leadership of Chairman Atkins, the Commission is proposing and adopting rules that simplify registration and disclosure requirements and allow more companies to go public with fewer unnecessary regulatory hurdles.”
“The Commission’s approach to crypto in recent years—advancing untested legal theories through enforcement actions rather than rulemaking—deprived the public and market participants of the opportunity to have input into the development of workable rules.”
“Removing Rule 611 would unsettle long-standing assumptions in our market structure and inevitably raise questions regarding best execution, transparency, trading mechanics, and investor confidence.”
“One theme emerges from the comment file: investors and market participants want the Commission to take more responsibility for managing and funding this project.”
“Today, the Commission further extended the temporary exemptive relief from the compliance dates for Rules 600(b)(89)(i)(F), 610(c) and 612 of Regulation NMS until the first business day of November 2027”
“Because regulation encrusts the equity markets, we must be exceedingly careful to avoid doing more harm than good when we seek to break off a piece of that crust.”
“This paper preference shows up in requirements that registrants have paper versions ready for inspection or file multiple paper copies with the Commission.”
“Moving activities that fall within the scope of the federal securities laws onchain, as a general matter, does not take those activities outside the scope of the laws the Commission administers.”
“In May, the Commission proposed amendments that, if adopted, would allow public companies the option to file one semiannual report each year, in lieu of three quarterly reports.”
“In comparison, our international counterparts have been more nimble and have accommodated these new technological innovations, of course without the benefits to American investors or American legal and investor-protection standards.”
“Thus, it has driven investment offshore, limiting the type of protections that we can provide investors here, and sometimes resulting in investors watching their money completely disappear.”
“It also will no longer respond to notices filed under Rule 14a-8(j) with a letter indicating that it will not object if a company omits a proposal from its proxy materials.”
“I believe that it is critical for the Commission to move quickly and lay the groundwork necessary to restructure the CAT to address persistent cost, governance, and funding issues.”
“This was distinguishable from politika —the governance of the polis , the city-state. Different rules, different purposes, different forms of accountability.”
“Although the staff “has for many years engaged in the informal practice of expressing its enforcement position” in response to notices submitted under Rule 14a-8(j), the Commission has also long recognized that “[n]o response or other action by the Commission or its staff is required in regard to such communications.””
“They fall along a spectrum from programmatic allocations determined solely by immutable smart contracts, to allocations at the sole discretion of another person or group of persons.”
“Regulation E-Delivery is not merely a proposed administrative adjustment; it represents a meaningful advancement toward aligning our rules with the needs of today’s markets.”
“We have made it hard for firms to experiment with cellphone apps, streaming video, podcasts, virtual conference room presentations, and anything else that is not an e-delivered pdf.”
“Reg E-Delivery would allow issuers, broker-dealers, investment advisers, and other market intermediaries to use electronic delivery as the default delivery method to satisfy information delivery requirements under the federal securities laws, provided that these entities have met the conditions of Reg E-Delivery.”
“I have directed the staff to prioritize a review of Rules 610(c) and 612 of Regulation NMS by the end of the year, including whether potential changes to the access fee caps and minimum pricing increments may be appropriate.”
“Even when a crypto asset was properly treated as a security, prospective issuers were provided no realistic way to comply with the Commission’s registration process.”
“Our agenda includes a proposal to better facilitate retail investor participation in private markets while preserving their protection with appropriate safeguards.”
“For a small company, that’s not an abstract benefit—it’s the difference between raising capital on a reasonable timeframe and watching a market window close during a lengthy registration process.”
“These entities would not be required to obtain affirmative consent from investors and other recipients, but investors still would be able to opt out of default e-delivery and receive paper copies of information upon request.”
“In contrast, shareholder democracy is voluntary and proportionate to risk: influence corresponds to the amount of capital that an investor puts at stake.”
“Today, the Commission proposes new fundraising pathways tailored for the unique characteristics of crypto assets being sold as part of investment contracts.”
“Registered offering reform would expand the full availability of shelf registration to nearly all public companies — including the newest and the smallest—increasing the number of eligible companies by over 60 percent.”
“Companies should submit those notices using the online Shareholder Proposal Form . In addition, the Division’s shareholder proposal email address is no longer functional.”
“It is worth recognizing that the federal securities laws generally do not prescribe paper or mail as the required method of delivery for regulatory disclosures or reports.”
“Regulation Crypto Assets would include two exemptions from registration under the Securities Act of 1933. The startup exemption would permit offerings of up to $5 million during a four-year period.”
“the Commission published an order granting conditional exemptive relief from the scope of the Treasury Clearing Rule to transactions cleared through “captive” clearing subsidiaries on behalf of private funds, as long as the subsidiary meets certain requirements.”
“The Registered Offering Reform Proposal, if adopted, would give smaller public companies access to shelf registration for the first time in decades, increasing the number of eligible companies by more than 60 percent.”
“The fundraising exemption, conditioned on the provision of financial statements and ongoing reporting requirements, would permit offerings of up to $75 million during each 12-month period.”
“The proposed rules include two offering exemptions tailored for innovations in the crypto asset markets: a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.”
“a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.”
“For example, a firm could refuse customers who do not agree to e-delivery even though Reg E-Delivery requires firms to provide paper if a customer requests it.”
“They accumulate—a threshold set too low, a deadline too tight, a filing requirement that made sense for a $10 billion company but gets applied to one a fraction of that size.”
“The Office of Investor Research within the Commission’s Office of the Investor Advocate found that nearly 80% of U.S investors prefer some form of e-delivery for financial disclosure documents that do not include personal information, and also that a majority (approximately 63%) prefers some form of e-delivery even for documents that do include personal information.”
“In addition to the startup and fundraising exemptions, the proposed rules would include a conditional safe harbor by which an issuer of an investment contract could delink a crypto asset from the investment contract with which it was once associated.”
“Today, the SEC must do likewise. Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
“This FAQ provided staff’s view that bilateral trading will remain an available option in certain instances when a clearing agency is not available to accept transactions in U.S. Treasury securities from its participants.”
“Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
“Often a single line item does not look unreasonable in isolation. The cumulative effect is what pushes companies to stay private, or to leave the public markets.”
“We continue to work on other questions related to implementation, including the treatment of failed trades, which market participants have identified as critical to their preparations.”
“Under this safe harbor, if the issuer certifies to the Commission that it has ceased or terminated all essential managerial efforts that it promised to undertake under the investment contract and satisfies certain other conditions, then the Commission would no longer deem the non-security crypto asset to be subject to an investment contract”
“Form S-3, the vehicle for shelf registration, currently requires a $75 million public float and a 12-month reporting history — thresholds set in the 1990s that today shut out companies that have earned their place in the public markets and need to raise capital on their own timelines.”
“Delivering information via paper unless the investor affirmatively elects otherwise no longer reflects how the majority of investors prefer to receive information.”
“Experience shows that when corporations are asked to resolve issues that the political system has struggled to address, the results often disappoint—not because the goals are unworthy, but because corporate governance was not designed for that purpose.”
“The Commission wants to accommodate innovation on many fronts, and our rules need to be tailored to changing market developments and designed to protect investors and market integrity.”
“A vault, for example, could be a common enterprise in which users invest money with a reasonable expectation of profits to be derived from the vault deployer’s and curator’s entrepreneurial or managerial efforts.”
“We are aware that concerns have been raised by certain market participants regarding the recent Basel III notice of proposed rulemaking and its potential effect on transactions subject to the Treasury Clearing Rule.”
“I would particularly welcome thoughts on facilitating the ability of crypto assets to serve a role akin to equity to enable token holders to share in the growth and value of the enterprise that builds a crypto network.”
“Shareholders express their views through investment decisions. Companies with subpar governance structures face a higher cost of capital and a lower stock price.”
“Finally, we proposed rescinding the prior Commission’s climate disclosure rules — which, I believe, exceeded the Commission’s statutory authority and abandoned the foundational principle that our disclosure rules should be rooted in materiality.”
“The proposal, if adopted, would raise the Large Accelerated Filer threshold from $700 million to $2 billion in public float, reserving the most demanding disclosure rules and reporting deadlines for the largest corporations.”
“In practice, the climate rules would impose unnecessary burdens on companies — a deterrent for those wishing to go public and a difficulty for those already listed.”
“One biotech company in particular reported spending around $11 million on that compliance obligation alone since it crossed the $700 million public float threshold in 2021, roughly the cost of running a large Phase 2 clinical trial.”
“You may not fall within our regulatory scope, but, if you do, we welcome the opportunity to talk with you about how to serve your customers in compliance with the federal securities laws.”
“With the old paint gone, the wiring updated, and sagging floorboards replaced, what remains will be worth preserving: the cornerstone principle of financial materiality.”
“We welcome your thoughts on whether we need to modify our rules to accommodate vaults, onchain lending, or other innovations and how we can do so while still ensuring that investors are protected, markets are fair, orderly, and efficient, and capital formation is facilitated.”
“Europe’s capital markets, he found, remain fragmented, and the flow of savings into them is lower than other major economies—only about 5% of global venture-capital funds are raised in the EU, compared to 52% in the United States.”
“Last November, the Division of Corporation Finance announced that it would not respond to companies’ no-action requests during the 2025-2026 proxy season, other than requests submitted under Rule 14a-8(i)(1).”
“As one law firm recently reported, “Despite the heightened drama of the 2026 shareholder proposal season…the year-over-year trends remained largely consistent with the prior year.””
“Several weeks ago, the Commission proposed to rescind its own climate-disclosure rule and return to financial materiality as the test on what must be disclosed.”
“This is a reminder that financial regulation must focus on improving market quality and efficiency, not as a tool to achieve political and social goals in areas where legislatures and governments have failed to act.”
“I particularly worry about regulatory requirements that place the heaviest burden on smaller and newer companies, which may dissuade such companies from going public at all.”
“But my greatest takeaway is that the Commission staff’s interposition between companies and shareholder proponents is unnecessary to effectively and efficiently resolve whether shareholder proposals should be included in proxy statements.”
“The best way to keep capital at home is not to wall it in, but to build markets worthy of investors. This work is on-going in the United States as well.”
“This past season, one —yes, one—individual was the sole or lead proponent for approximately 41 percent of the shareholder proposals that were voted upon.”
“we have delivered long-called-for certainty to digital asset issuers—so that investors and entrepreneurs today can know, before they act, whether a digital asset is considered a security and therefore subject to SEC oversight.”
“after years of fragmented oversight and overlapping authorities, the SEC and CFTC signed an historic Memorandum of Understanding between our two agencies—a framework for aligning key definitions, coordinating oversight, and replacing a regulatory no man’s land between the two agencies with new fertile ground for innovation to grow.”
“Between the 1990s and when I returned to the SEC as Chairman last year, the number of companies listed on the U.S. exchanges had cratered by about 40 percent.”
“Building on this effort, last month we proposed to rescind the prior administration's ill-advised climate disclosure rule—re-tethering our rulebook to the simple principle that the SEC exists to serve all investors, not to advance an agenda of the politicized few or the business models of those who pander to them.”
“child under 18 is eligible to open a Trump Account: a type of traditional IRA, held in the child’s name, with the parent or guardian serving as custodian until the child turns 18.”
“for citizens born between the 1st of January 2025, and December 31, 2028, the federal government will make a one-time, one-thousand-dollar contribution to each child’s Trump Account.”
Commission Speeches and Public Statements Archive: 2011
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“For too long, gaps like this one—where the debt of several EU member states was covered but debt of the EU itself was not—have created inconsistency that breeds confusion rather than confidence in the markets. This proposal is SEC-CFTC harmonization in practice. https://t.co/fB2kxk0SUb”
“No better way to celebrate a historic week of advancing innovation and American excellence than by ringing the @NYSE Opening Bell from Washington, D.C. for the @Freedom250GP! 🇺🇸 https://t.co/uIxDYqfwtO”
“Great to join President @realDonaldTrump, @ChairmanSelig, and industry leaders at the @WhiteHouse today.
Under President Trump’s leadership, we will ensure that the greatest advances of the technological frontier are realized right here in America. 🇺🇸 https://t.co/c2QHFFcBB3”
“As Congress works to establish a lasting regulatory framework, our new proposal, Regulation Crypto Assets, seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws. https://t.co/0ItLaMrDE9”
“With our new proposal, the SEC is taking the most historic step yet to modernize federal securities regulations for crypto assets.
As the Crypto Capital of the World, the U.S. must and will lead. Regulation Crypto Assets will ensure that we do. 🇺🇸 https://t.co/z0MmDF4doV”
“Great to sit down with Kurt Hohl, the SEC's Chief Accountant.
Accounting and auditing underpin investor confidence in the integrity of companies’ disclosures, and consequently, our capital markets at-large.
Listen wherever you get your podcasts! https://t.co/ePUazqpMpJ”
“One of my top priorities as Chairman is to restore the @SECGov’s public company disclosure regime to one rooted in materiality.
As a disclosure agency and not a merit regulator, the SEC should not use its rules to indirectly regulate matters that should be left to the States. https://t.co/OkmTGkBRhT”
“Under my leadership, efforts are well underway to reform the regulatory landscape and Make IPOs Great Again.
Every IPO is an invitation to workers and savers to participate in the prosperity of the next generation of American enterprise. https://t.co/bAtWU1T3sn”
