The U.S. Securities and Exchange Commission published prepared remarks by Chairman Paul S. Atkins outlining a set of staff directives and policy priorities, including initiating rule proposal drafting for crypto markets and ordering a comprehensive review of the Consolidated Audit Trail. Atkins said he recently directed Division of Corporation Finance staff to maintain transparent interactions with the public, and instructed policy divisions to begin drafting crypto-related rule proposals while staff continue to issue staff-level statements such as Division of Trading and Markets FAQs addressing broker-dealer and transfer agent questions. He also said the SEC has asked Congress for reprogramming approval to integrate the functions of the Strategic Hub for Innovation and Financial Technology into other parts of the agency. Other priorities highlighted included pursuing an approach that would allow SEC registrants to custody and trade both securities and non-securities “under one roof,” and having the Commission reconsider a long-standing staff practice under which closed-end funds investing 15% or more of assets in private funds impose a USD 25,000 minimum initial investment and limit sales to accredited investors, alongside resolving related disclosure issues such as conflicts of interest, illiquidity, and fees. On market infrastructure, the instructed review of the CAT is intended to examine both its rising costs, cited as nearly USD 250 million a year, and the reporting requirements and scope of data collected. Next steps described included staff drafting of crypto rule proposals, potential further staff-level statements ahead of Commission action, SEC engagement with the public on CAT, and congressional consideration of the reprogramming request tied to the planned FinHub integration.

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