
Chairman Paul Atkins wants clearer crypto custody rules, tokenized securities standards, and easier capital raising for private companies. The SEC aims to set rules before products leave US territory.
The SEC placed crypto regulation, IPOs, and private-market access at the heart of its 2026 agenda. Chairman Paul Atkins wants to clarify custody rules for digital assets and set standards for tokenized securities. He also aims to ease capital raising for companies that stay private longer.
The first priority is crypto. The SEC wants clearer rules for companies raising capital with digital assets. Atkins believes the United States must become the center of gravity for financial innovation again. The goal is no longer just to sanction after the fact. The SEC wants to set rules before products leave American territory, Atkins said.
This approach marks a break with years of confrontation. Crypto players had long demanded a predictable framework. They criticized the old model for turning every launch into a legal gamble.
The second crypto priority focuses on custody and trading of tokenized securities. The SEC wants to clarify how intermediaries can hold these assets and facilitate on-chain trading. Tokenized securities represent shares, bonds, or fund units on a blockchain. They do not escape securities law, even if they circulate on a crypto infrastructure. The SEC had already reiterated this line with its tokenized securities guidance. The new agenda now seeks to turn this doctrine into rules more usable by platforms, brokers, and custodians.
The issue goes beyond classic cryptos. If Wall Street adopts tokenization, the SEC will have to regulate markets capable of operating faster, sometimes longer, with new risks in settlement and custody.
The second major priority concerns initial public offerings. Atkins wants to reverse the decline in the number of listed companies in the United States. According to him, fewer IPOs mean less access for ordinary savers to the growth of large companies. The SEC therefore wants to reduce certain compliance burdens while maintaining essential protections.
This reform does not directly concern crypto. It addresses the same problem: access to capital. Innovative companies must be able to finance themselves without remaining locked into private markets. The regulator also wants to make disclosure obligations more efficient. The challenge will be to simplify without weakening transparency.
The third priority targets private markets. The SEC wants to facilitate the participation of retail investors in certain assets until now reserved for wealthy insiders. This opening could change the structure of American financing. Many companies remain private longer, which deprives part of the public of their growth before the IPO.
The SEC promises safeguards. Private markets are less transparent and less liquid. Risks there are often higher than on public markets. For the crypto sector, this reform can create common ground with tokenization. Shares of private companies, funds, or real assets could be distributed more widely in digital form. This scenario will require strict rules on information and custody, with liquidity constraints addressed separately.
Atkins said the United States must become the center of gravity for financial innovation again.
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