“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”
“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”
Atkins says Regulation Crypto Assets proposal aims to provide clear capital-raising pathways while Congress works on lasting framework
“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”
Atkins says Regulation Crypto Assets proposal aims to provide clear capital-raising pathways while Congress works on lasting framework
“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”
Atkins calls Regulation Crypto Assets proposal the most historic step yet to modernize federal securities regulations for crypto
“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”
Atkins calls Regulation Crypto Assets proposal the most historic step yet to modernize federal securities regulations for crypto
“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”
Atkins characterizes the SEC's new proposal as the most historic step yet to modernize federal securities regulations for crypto assets.
“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. 🇺🇸”
While Congress develops permanent crypto regulation, the SEC has proposed Regulation Crypto Assets to give entrepreneurs clear pathways for raising capital.
“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.”
Atkins characterizes the SEC's new proposal as the most historic step yet to modernize federal securities regulations for crypto assets.
“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. 🇺🇸”
Atkins states the new Regulation Crypto Assets proposal aims to give crypto entrepreneurs clear pathways to raise capital under federal securities laws while Congress works on lasting regulatory framework.
“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.”
Atkins says the SEC will use existing authority to position America as the leading destination for financial innovation and capital raising.
“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,”
Atkins claims the United States must lead in crypto regulation as the Crypto Capital of the World, and that Regulation Crypto Assets will ensure that outcome.
“As the Crypto Capital of the World, the U.S. must and will lead. Regulation Crypto Assets will ensure that we do,”
Atkins frames EU debt designation proposal as closing an inconsistency gap and delivering SEC-CFTC harmonization in practice
“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”
“Today, the Commission also proposed to rescind Rule 611 of Regulation NMS, known as the trade-through rule.”
Atkins explains Regulation E-Delivery would allow electronic delivery without requiring affirmative consent from investors.
“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.”
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 proposes a test: does disclosure materially change valuation or just burden small companies disproportionately.
“is a given disclosure obligation producing information to investors that materially changes the enterprise value of a company or its stock price?”
Atkins notes federal securities laws do not mandate paper or mail delivery for disclosures.
“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.”
Atkins says legislation is indispensable to prevent a future rogue regulator from unwinding current reforms.
“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.”
Atkins notes Form S-3 framework dates to 2005, before the iPhone existed.
“The framework we’re currently operating under mostly dates to 2005—before the iPhone had even been rolled out.”
Atkins notes a D.C. Circuit court vacated SEC's 75% independent director and independent chair requirement over 20 years ago.
“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.”
Atkins says the SEC last seriously reviewed capital formation rules over twenty years ago.
“The Commission last took a hard look at improving the capital formation environment more than two decades ago.”
Atkins directs staff to review access fee caps and pricing increments by year-end for potential changes.
“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.”
Atkins says the goal is cutting requirements that lack proportionate benefits, not cutting arbitrarily.
“The goal is not to cut for the sake of cutting but to cut requirements that do not yield proportionate benefits.”
Atkins criticizes the SEC for requiring firms to design disclosures for paper first, even under the new e-delivery rule.
“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).”
“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.”
Atkins frames Regulation E-Delivery as meaningful advancement rather than mere administrative adjustment.
“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.”
“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,”
Atkins says aligning regulations with the court's vacatur reaffirms commitment to sound regulatory principles.
“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.”
Atkins announces Reg E-Delivery proposal making electronic delivery the default for securities disclosures without requiring affirmative consent.
“the Commission takes a further step in recognizing these developments by proposing Regulation E-Delivery (“Reg E-Delivery”).”
Atkins explains the proposal eliminates affirmative consent requirement but preserves opt-out rights for paper delivery.
“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.”
Atkins announces extension of compliance relief for minimum pricing increment rules until November 2027.
“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”
Atkins proposes Reg E-Delivery to make electronic delivery the default for securities disclosure requirements.
“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.”
Atkins criticizes SEC rules requiring paper versions for inspection and filing multiple copies with the Commission.
“This paper preference shows up in requirements that registrants have paper versions ready for inspection or file multiple paper copies with the Commission.”
Atkins states the SEC is simplifying registration and disclosure to let more companies go public.
“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.”
Atkins states mandatory Treasury cash clearing begins end of year, repo clearing by June 30, 2027.
“mandatory clearing for U.S. Treasury cash transactions at the end of the year and U.S. Treasury repo transactions by June 30, 2027.”
Atkins lists specific SEC requirements that perpetuate paper-first thinking, including font size and same-page rules.
“Other paper-as-the-standard disclosure rules talk about font size, relative prominence, and disclosures appearing on the same page.”
Atkins accuses the SEC of undermining capital formation through regulation by enforcement and disingenuous registration offers.
“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.””
Atkins states updating federal regulations to reflect the 2006 court mandate is long overdue.
“The court’s mandate has been clear since 2006, and updating the Code of Federal Regulations to reflect this outcome is long overdue.”
Atkins proposes making electronic delivery the default method for investor communications as a key pillar of his agenda.
“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.”