Regulatory Clarity Ahead: SEC Outlines 2025 Crypto Framework

The US Securities and Exchange Commission (SEC) has unveiled its latest regulatory roadmap, introducing targeted measures to address the growing role of digital assets in financial markets. 

A New Direction for the SEC

SEC Chair Paul Atkins announced the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions on September 4, outlining both new initiatives and the withdrawal of legacy proposals.

He emphasized that the agency is advancing new proposals while rolling back measures from the previous administration that he described as incompatible with effective oversight.

Atkins added: 

Core Initiatives for Digital Assets

Two major initiatives form the foundation of the SEC’s updated agenda. The Division of Corporation Finance is preparing rules for the offer and sale of digital assets, with proposals including exemptions and safe harbors. A notice of proposed rulemaking is expected in April 2026.

Parallel to this, the Division of Trading and Markets is developing amendments to Exchange Act rules to reflect how crypto assets trade on alternative trading systems and national securities exchanges. Also slated for April 2026, this initiative marks the first time such crypto-specific measures have been formally included in the Unified Agenda, signaling a significant policy shift.

Redefining Market Structures

The proposals extend beyond issuance and trading. The SEC intends to revise long-standing definitions of “dealer” and “broker” to account for cryptocurrency operations, updating frameworks that have been in place since the New Deal era. By doing so, the agency seeks to bring clarity to market roles while ensuring oversight keeps pace with innovation.

Another component involves creating pathways for digital assets to be listed on national securities exchanges, potentially integrating them more closely with traditional finance. Industry participants argue this could encourage institutional adoption while maintaining strong compliance standards.

Broader Regulatory Reforms

The crypto-focused agenda is part of a wider package of reforms. Planned measures include reducing compliance burdens for public companies, streamlining shareholder proposal processes, and modernizing disclosure requirements. The SEC is also expected to seek public comment on the Consolidated Audit Trail (CAT), a market surveillance system criticized for high costs and risks tied to centralized data collection.

By promoting crypto-specific rules alongside deregulatory initiatives, the SEC is aiming to balance innovation with investor protection. Supporters believe regulatory clarity will strengthen US competitiveness in global finance, while critics continue to caution against risks tied to rapidly evolving digital markets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice