A top US regulator laid out a clear push for change yesterday, saying that moving stocks and bonds onto crypto and blockchains could open the door to new ways of buying, selling and owning shares.
The official – new US Securities and Exchange Commission Chairman Paul Atkins – spoke at a Washington roundtable on tokenization, drawing a simple parallel to how music shifted from vinyl to digital files. He warned that sticking with old rules could push innovation offshore and vowed to work with his fellow commissioners to set fresh guidelines.
Issuance Guidelines Under Scrutiny
According to Atkins, only four crypto issuers have used the SEC’s full registration or “Regulation A” since these tokens first appeared. That small number, he said, shows that current forms—like the long Form S-1—can feel like “a square peg in a round hole.” He suggested carving out clear paths, including new exemptions or safe harbors, so token offerings can meet basic disclosure needs without pages of irrelevant details.
Rethinking Custody Rules
Based on reports, the SEC has already scrapped Staff Accounting Bulletin No. 121, which had tangled up firms wanting to hold digital assets. The speaker called that move just the first step. He urged a fresh look at who can act as a “qualified custodian,” noting that some funds and advisers now use self-custody tools that may offer strong safeguards. Only two “special purpose broker-dealers” exist today, and he hinted that their narrow rules might be replaced with a more sensible model.
US SEC Chairman Paul Atkins. Image: Disruption Banking
Trading Platforms Get New Focus
Atkins said it’s time to let brokers build “super apps” where customers can trade stocks, crypto and other products in a single place. He pointed out that nothing in current law bars broker-dealers from listing non-security tokens alongside shares. To make that happen, he’s asking staff to update the rules for alternative trading systems, and to weigh whether national exchanges might host token listings in the future.
Task Force Drives Coordination
Atkins also highlighted a newly formed Crypto Task Force led by two fellow commissioners. He said this group fixes years of agency silos by pooling policy, legal and technical teams. Coordination, he added, will speed up clear signals for investors and businesses. That effort, he noted, follows a call from US President Donald Trump to make the US “crypto capital of the planet.”
The regulator underlined three main areas—issuance, custody and trading—and said each needs tailored rules. He argued that fresh standards will protect investors by spelling out what counts as a security, how tokens must be held, and where they can trade. He also promised to keep enforcement focused on fraud and manipulation, rather than using enforcement actions to shape policy.
Featured image from Forkast News/Canva, chart from TradingView
