In testimony to the United States Senate Appropriations Subcommittee on Financial Services and General Government, U.S. Securities and Exchange Commission Chairman Paul S. Atkins outlined priorities centered on the agency’s statutory mission and a return to regular-order rulemaking, including longer comment periods and greater attention to overlapping requirements and cost-benefit analysis. He also positioned crypto asset markets as a key priority, calling for clear rules for issuance, custody, and trading to be developed through notice-and-comment rulemaking rather than “regulation-by-enforcement,” with enforcement focused on policing fraud and manipulation against established obligations. Atkins backed the Administration’s fiscal year 2026 request of USD 2.149 billion for SEC operations, flat versus fiscal years 2024 and 2025, and projected approximately 4,100 full-time equivalents, a net reduction of 447 from the fiscal year 2025 level due to attrition following early retirement and buy-out offers. The request includes resources for the SEC Crypto Task Force and is framed to support a potential transfer of Public Company Accounting Oversight Board functions into the SEC in fiscal year 2026 if Congress approves. He also highlighted operational and organizational actions including the shift to a Section 31 transaction fee rate of USD 0 per million for most covered sales starting May 14, 2025 after the SEC had already collected its full fiscal year 2025 appropriation, targeted reorganizations and a request to Congress to disband the Strategic Hub for Innovation and Financial Technology, and a comprehensive EDGAR review after certain masked Form N-PORT data fields were inadvertently made public for filings submitted between February 3 and May 8, 2025. The Crypto Task Force has held four roundtables to date and plans a further roundtable on decentralized finance. Discussions with the General Services Administration and landlords regarding the Los Angeles and Philadelphia regional office leases are continuing, with the leases described as remaining in “soft term” and not terminated.
U.S. Securities & Exchange Commission2025-06-03
U.S. Securities and Exchange Commission chair requests USD 2.149 billion FY2026 budget and sets out notice and comment approach to crypto regulation
SEC Chairman Paul S. Atkins, in Senate testimony, emphasized priorities on statutory mission adherence, rulemaking, and clear crypto regulations. He supported a USD 2.149 billion budget for fiscal year 2026, maintaining current funding, and highlighted operational changes, including a USD 0 Section 31 transaction fee rate. Atkins noted discussions on regional office leases and the SEC Crypto Task Force's activities, including decentralized finance roundtables.