In remarks at the Economic Club of Washington, the U.S. Securities and Exchange Commission Chair set out an “A-C-T” strategy for the agency, describing priorities to advance regulatory frameworks for modern markets, clarify jurisdictional lines with other regulators, and transform the SEC rulebook by refocusing on materiality and trimming requirements seen as burdensome for capital formation. On digital assets, he said the SEC has launched Project Crypto to modernize securities rules for on-chain activity, published a crypto-token taxonomy that distinguishes five categories of digital assets and indicates that four are not securities, and is close to releasing an “innovation exemption” to support compliant trading of tokenized securities on-chain while longer-term rules are developed. He also cited work to enable ETF share class structures for mutual funds, the establishment of a Cross-Border Task Force, monitoring of private credit issues including opacity, valuation and liquidity risks, and a shift in enforcement toward fraud and individual accountability. On regulatory coordination, he pointed to a Memorandum of Understanding signed with the Commodity Futures Trading Commission in March 2026 to align definitions, clarify jurisdiction and coordinate oversight in areas including digital assets, alongside a first-principles review of disclosure requirements following the withdrawal of fourteen rule proposals in summer 2025. Looking ahead, he said staff have been instructed to evaluate an IPO “on-ramp”, extending existing accommodations beyond emerging and smaller companies, expanding access to shelf registration, and allowing an optional quarterly or semiannual filing cadence as part of an “aggressive” rulemaking agenda over the coming year.
U.S. Securities & Exchange Commission 2026-04-21
U.S. Securities and Exchange Commission Chair outlines A-C-T strategy with Project Crypto, CFTC coordination and IPO disclosure reforms
The U.S. Securities and Exchange Commission Chair outlined an “A-C-T” strategy to modernize regulation, clarify jurisdiction with other regulators, and refocus rules on materiality and capital formation. He highlighted Project Crypto, including a five-category crypto-token taxonomy, a forthcoming “innovation exemption” for on-chain tokenized securities trading, and a March 2026 Memorandum of Understanding with the Commodity Futures Trading Commission on digital assets. Staff have been directed to pursue an “aggressive” rulemaking agenda, including an expanded IPO on-ramp, broader shelf registration access, and optional quarterly or semiannual reporting.