Atkins argues that complex market access rules without investor protection rationale serve no one.
“Labyrinthine restrictions on access to public markets unmoored from an investor protection rationale serve nobody.”
Atkins argues firms should be allowed to refuse paper-demanding customers despite the proposed rule requiring it.
“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.”
Atkins seeks feedback on enabling crypto tokens to function like equity, sharing enterprise growth and value.
“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.”
Atkins proposes two exemptions for crypto offerings: $5 million over four years for startups, $75 million annually for fundraising.
“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.
“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.
“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.”
Atkins argues cumulative regulatory burden, not individual rules, drives companies to stay private.
“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.”
Atkins states the federal government will contribute one thousand dollars to Trump Accounts for children born 2025-2028.
“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.”
Atkins states U.S. exchange listings fell roughly 40 percent between the 1990s and his return as SEC Chair.
“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.”
Atkins argues market discipline works through cost of capital and stock price for companies with poor governance.
“Shareholders express their views through investment decisions. Companies with subpar governance structures face a higher cost of capital and a lower stock price.”