The U.S. Securities and Exchange Commission (SEC) has released an updated rulemaking agenda that outlines a comprehensive reform of its approach to regulating the digital asset market. The new agenda includes a number of initiatives aimed at supporting innovation in the crypto industry and reducing the administrative burden on market participants.
This is reported by Finway
Key Changes for the Cryptocurrency Market
Among the most significant proposals from the SEC is the development of new rules regarding the offering and sale of digital assets, as well as the creation of exemptions and so-called “safe harbors” for projects in the sector. For the first time, national securities exchanges and alternative trading systems may be permitted to engage in cryptocurrency transactions. If these changes are adopted, it could mark a turning point for the legalization and development of the digital asset industry in the U.S.
Additionally, the SEC plans to ease disclosure requirements for public companies and compliance procedures. In particular, it aims to simplify interactions with shareholders and reduce the administrative pressure on businesses.
According to SEC Chair Paul Atkins, this reflects a shift in the regulator’s approach towards supporting innovation and reducing excessive burdens.
Additional Initiatives and Legislative Modernization
The new agenda contains about 20 proposals related to updating rules for brokers, dealers, and custodial services. Among other things, it plans to review financial responsibility requirements to lessen regulatory pressure on companies. A separate issue is clarifying the practical application of broker-dealer rules to digital assets.
An important part of the reform will be the modernization of the Investment Advisers Act of 1940: the SEC proposes to adapt asset custody regulations to the specifics of the crypto industry. This proposal follows eight months after the repeal of stricter rules that were previously considered.
SEC Chair Paul Atkins emphasized that the regulator aims to distance itself from overly stringent rules that were in place until 2025, in order to establish a reasonable and effective balance in market regulation. All proposals will undergo the standard public discussion and revision process before final approval.
It is worth noting that the SEC Chair had previously expressed doubts about classifying most tokens as securities.