Nikolas Sargeant
The Securities and Exchange Commission has released its spring 2025 regulatory agenda featuring approximately 20 proposed rules that signal a dramatic shift toward crypto-friendly policies under new Chair Paul Atkins. The comprehensive agenda includes provisions for safe harbors and exemptions related to cryptocurrency offers and sales, representing a stark departure from the enforcement-heavy approach of the previous administration.
Key proposals in the agenda focus on establishing "certain exemptions and safe harbors" for crypto asset transactions while amending Exchange Act regulations to better accommodate digital asset trading on alternative trading systems and national securities exchanges. The commission also seeks to modify broker-dealer financial responsibility rules, potentially reducing compliance burdens that have long challenged crypto companies struggling with Know Your Customer and Anti-Money Laundering requirements.
The regulatory overhaul includes plans to modernize the Investment Advisers Act of 1940's custody provisions to better address cryptocurrency holdings. This represents a complete reversal from proposed rules less than eight months ago that would have subjected digital assets to stricter oversight guidelines. Additional modifications target broker-dealer rules that have been contentious within the crypto industry due to their demanding data reporting requirements.
While these proposals mark a significant policy shift since Gary Gensler's resignation in January, the rules must still navigate an extensive adoption process including public comment periods and comprehensive review. The agenda reflects Atkins' stated goal of ensuring regulation is "smart, effective, and appropriately tailored," with the SEC having already dropped several years-long investigations and lawsuits as part of its new approach to digital asset enforcement.
