SEC Issues Statement on 2026 Regulatory Agenda

Read Chairman Atkins’ full statement here and the 2026 Regulatory Agenda here.

Those priorities include making the United States the crypto capital of the world, reducing compliance burdens on initial public offerings (IPOs) to revitalize public markets, and enhancing the transparency and accessibility of the regulatory framework governing public and private markets. This alert summarizes the rulemaking initiatives the SEC is pursuing to advance these goals.

Crypto

To meet its crypto objectives, the SEC is considering how to refine and enhance the existing regulatory framework to allow for greater integration with crypto markets. Its primary proposals are as follows.

• Crypto Assets: The SEC is considering rules relating to the offer and sale of crypto assets, which may feature exemptions and safe harbors designed to provide market certainty, facilitate capital formation, accommodate innovation, and protect investors. 
• Custody Rules: The SEC is considering amendments or new rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 Act to modernize custody requirements, clarify compliance for investment advisers and investment companies handling crypto assets, and streamline provisions that are no longer necessary for investor protection. 
• Crypto Market and Broker-Dealer Rules: The SEC is also weighing amendments to Exchange Act rules governing crypto asset trading on alternative trading systems and national securities exchanges, as well as updates to broker-dealer financial responsibility and recordkeeping rules (Exchange Act Rules 15c3-1, 15c3-3, 17a-3, and 17a-4) to address crypto assets.
• Transfer Agent: Finally, the SEC is examining updates to its transfer agent regulatory regime, including rules addressing crypto assets and the use of distributed ledger technology.

Taken together, these initiatives demonstrate the SEC’s intent to address crypto assets across the existing regulatory framework through a coordinated rulemaking agenda.

Capital Formation and IPOs

The SEC has placed particular emphasis on elevating the position of IPOs and reducing the burdens associated with other private offerings in the United States as a means of revitalizing the public markets. To meet this goal, the SEC has proposed rules centered on reducing compliance burdens and facilitating capital formation while continuing to protect investors.

• Rule 144 Safe Harbor: The SEC is considering proposing amendments to Rule 144, a non-exclusive safe harbor permitting the public resale of restricted or control securities under certain conditions, to expand the circumstances in which the safe harbor would be available.
• Updating the Exempt Offering Pathways: The SEC is considering proposing rule amendments to facilitate capital formation and simplify the pathways for raising capital for, and investor access to, private businesses. The proposal may also include amendments to the definition of “accredited investor,” which could allow more investors to participate in private offerings related to IPOs and other capital formation ventures.
• Registered Offerings Reform: The SEC is considering amendments to modernize the shelf registration process by reducing the costs of conducting a registered offering.

Other, smaller reforms intended to ease the IPO process include streamlining disclosure practices for public companies (including climate related and executive compensation disclosures), introducing semiannual reporting, and expanding the accommodations available to emerging growth companies.    

Modernizing the Regulatory Framework

Finally, the SEC is considering introducing several initiatives designed to modernize the regulatory framework by reducing compliance burdens and increasing transparency. These include modernizing the SEC’s approach to electronic delivery for information, amending Rule 204-2 under the Investment Advisers Act of 1940 to address issues arising from electronic communications, amending Rule 206(4)-5 under the Investment Advisers Act of 1940 to reduce compliance burden, amending Form N-PORT to address disclosure burdens, and defining the regulatory status of “finders” for the purposes of Section 15(a) of the Exchange Act. 

One large step that the SEC is considering is an amendment to the Investment Advisers Act of 1940 and the Investment Company Act of 1940 that would facilitate retail investor exposure to private markets through registered investment companies and to allow investment advisers to charge performance fees to an expanded set of clients. By doing so, the SEC intends to provide retail investors with investment opportunities to diversify their investment allocation in line with their investment time horizon and risk tolerance.

ArentFox Schiff attorneys are available to answer your questions and assist with navigating regulatory changes. Please contact the authors of this article or your AFS attorney contact for more information.

Additional research and writing from Gabriel Maurer, a 2026 summer associate in ArentFox Schiff’s Chicago office and a law student at Northwestern Pritzker School of Law.