U.S. Securities & Exchange Commission outlines Spring 2025 agenda prioritising crypto asset rules, deregulatory initiatives and a potential Consolidated Audit Trail rethink

The U.S. Securities & Exchange Commission published a statement alongside the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions released by the Office of Information and Regulatory Affairs, setting out its forward-looking rulemaking and deregulatory priorities under Chairman Paul S. Atkins. The agenda signals a focus on clarifying the regulatory framework for crypto assets, reducing compliance burdens to facilitate capital formation, and reconsidering selected market-structure initiatives, while withdrawing numerous items carried over from the prior administration. Potential rule proposals would address the offer and sale of crypto assets, with an emphasis on clearer rules for issuance, custody, and trading alongside continued enforcement against unlawful conduct. The agenda also describes envisioned deregulatory proposals aimed at simplifying pathways to raise capital and expanding investor access to private businesses, as well as updates to modernise existing rules and address disclosure burdens. It further contemplates recommending that the Commission invite public comment on rethinking the Consolidated Audit Trail, particularly following a decision by the U.S. Court of Appeals for the Eleventh Circuit, citing concerns about rising costs and the risks associated with centralising large volumes of sensitive data.