Catenaa, Thursday, November 20, 2025-Following the end of the longest US government shutdown, Securities and Exchange Commission Chair Paul Atkins is set to lead a critical 12-month agenda focused on cryptocurrency regulation and retail investor access to alternative investments, according to TD Cowen’s Washington Research Group.
The SEC is expected to advance rules clarifying its crypto stance, including guidance on tokenized equities and digital assets deemed securities.
Project Crypto, launched earlier this year, aims to modernize SEC rules while providing online brokers and crypto platforms with potential exemptive relief to offer tokenized securities.
Analysts say the agency must issue proposals soon to allow finalization by 2027, leaving time to defend the rules in court before 2028.
Atkins’ agenda also includes semi-annual reporting requirements and broader initiatives to expand retail investor participation in alternative assets.
Since the start of 2025, the SEC has released guidance on crypto staking, held industry roundtables, and outlined a token taxonomy to distinguish which digital assets fall under securities regulation.
Tokenized securities have gained attention as crypto firms explore blockchain-based equities, potentially challenging traditional brokerages.
TD Cowen analysts expect that the SEC’s actions over the next year will set a foundation for long-term regulation, balancing innovation with investor protection. The next 12 months are being closely watched by market participants and industry observers as pivotal for the agency’s deregulatory agenda and the future of digital assets in the U.S.
