On September 4, 2025, the Securities and Exchange Commission (SEC) released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, indicating the agency’s priorities under the leadership of Chairman Paul Atkins, who, in remarks regarding the agenda, stated that “it is a new day” at the SEC. Key themes from the agenda include the following:
- Crypto Regulation: As a predictable next step from the SEC’s formation of the Crypto Task Force, the agenda previews a “Crypto Assets” proposed rule to clarify the regulatory framework for crypto assets, including regarding the offer and sale thereof, and provide greater certainty to the market.
- Capital Formation: The agenda previews proposed rule amendments designed to facilitate capital formation and reduce regulatory compliance burdens. These proposed rule amendments include the following:
- Rationalization of Disclosure Practices – rule amendments designed to rationalize disclosure practices to facilitate material disclosure by companies and shareholders’ access to that information.
- Updating the Exempt Offering Pathways – rule amendments designed to facilitate capital formation and simplify the pathways for raising capital for, and investor access to, private businesses.
- Enhancements of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies – rule amendments designed to expand accommodations that are available for Emerging Growth Companies and to rationalize filer statuses to simplify the categorization of registrants and reduce their compliance burdens.
- Rule 144 Availability: The agenda previews new proposed amendments to Rule 144, a non-exclusive safe harbor that permits the public resale of restricted securities if certain conditions are met, to increase instances in which the safe harbor would be available.
