In prepared remarks at SEC Speaks, U.S. Securities and Exchange Commission Chair Paul S. Atkins set out an “A-C-T” framework to guide the agency’s policy initiatives and expected rulemaking pipeline, while noting that his remarks reflected his views as Chair and not necessarily those of the Commission or other Commissioners. The agenda groups initiatives into advancing rules to reflect how markets operate, clarifying regulatory scope and jurisdiction, and transforming requirements by removing burdens that do not deliver commensurate investor benefits. On “advance,” Atkins pointed to legacy requirements that lag market practice, including rules that still default to paper delivery for shareholder communications, and argued for moving away from “regulation by enforcement,” particularly in crypto markets, toward clear, flexible rules that support compliance while protecting investors. On “clarify,” he highlighted jurisdictional ambiguity between the SEC and the Commodity Futures Trading Commission (CFTC), citing a March 2026 SEC-CFTC memorandum of understanding aimed at harmonization through aligned definitions, coordinated oversight and secure data sharing, and referencing the SEC’s recently published token taxonomy and crypto interpretive guidance that the CFTC joined. On “transform,” he said the Division of Corporation Finance is conducting a first-principles review of disclosure requirements using materiality as its “north star,” criticised drift from materiality and burdens linked to recordkeeping expectations including in off-channel communications matters, and described a reorientation of the Division of Enforcement toward fraud, manipulation and abuses of trust rather than technical violations where investors have not been harmed. He also directed staff to develop recommendations for a revised reporting regime for securities lending and short sales after a court remand of two related rulemakings, with an emphasis on balancing policy objectives against reporting burdens and producing analyses that can withstand judicial scrutiny. Atkins framed the token guidance as a starting point rather than an endpoint and invited market participants and practitioners to challenge the SEC’s approach as it develops and implements the agenda.
U.S. Securities & Exchange Commission 2026-03-19
U.S. Securities and Exchange Commission chair outlines A-C-T strategy to modernize rules, align SEC-CFTC crypto oversight and refocus disclosure and enforcement
SEC Chair Paul S. Atkins outlined an "A-C-T" framework at SEC Speaks, focusing on market-aligned rules, clarifying SEC-CFTC jurisdiction, and transforming regulatory requirements to reduce burdens. He emphasized moving away from "regulation by enforcement" in crypto markets, harmonizing definitions with the CFTC, and revising disclosure and reporting regimes. Atkins invited market feedback on the SEC's token guidance and broader agenda.