SEC Chair's Anniversary Speech: Pushing the "A-C-T Strategy" to Promote Crypto Compliance, Calling to Make IPOs Great Again

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SEC Chairman Paul S. Atkins delivered a landmark speech today (21st) marking his one-year anniversary in office, sharply criticizing the previous administration's regulation for driving innovation offshore. He officially announced the launch of the "A-C-T strategy," which not only releases significant benefits for the cryptocurrency market (including clear token classification, the introduction of an "Innovation Exemption," and a joint effort with the CFTC to end regulatory gray zones) but also proposes a "Make IPOs Great Again" plan for the traditional stock market, aiming to comprehensively loosen thresholds for corporate listings and financial reporting disclosures. (Previous coverage: SEC clarifies: Crypto wallet front-end interfaces are exempt from broker registration, as long as DeFi avoids these red lines) (Background: NYSE officially files with SEC: To enable tokenized on-chain trading of US stocks, following Nasdaq's precedent) The U.S. Securities and Exchange Commission (SEC) is undergoing the most drastic regulatory pivot in its history. On April 21, 2026 (U.S. time), SEC Chairman Paul S. Atkins delivered a keynote speech at the Economic Club of Washington to mark his one-year anniversary. He bluntly criticized the past SEC for losing its way, allowing red tape and "regulation by enforcement" to become stumbling blocks for U.S. capital formation and innovation. To this end, he officially proposed the "A-C-T strategy" to reshape the SEC. Atkins pointed out that the previous administration's crackdown on crypto assets forced a generation of digital innovation to flow overseas. To fulfill President Donald Trump's goal of "making the U.S. the global crypto capital," the SEC has launched "Project Crypto." He announced several major developments set to be implemented: - Issuance of a Crypto Token Taxonomy: Clearly distinguishing five categories of digital assets, with "four categories not classified as securities," significantly clarifying the market's red lines. - Introduction of an "Innovation Exemption": The SEC is set to release a framework allowing market participants to begin on-chain trading of tokenized securities in a compliant environment, serving as a transitional bridge before long-term rules are finalized. For a long time, the jurisdictional dispute between the SEC and the Commodity Futures Trading Commission (CFTC) has been the biggest nightmare for crypto firms. Atkins announced that he signed a historic Memorandum of Understanding (MOU) with CFTC Chairman Mike Selig last month. The MOU will unify key definitions, clarify jurisdiction, and coordinate regulation in shared areas such as digital assets. Atkins emphasized: "We are replacing what was once a regulatory no-man's-land with fertile ground where innovation can take root and thrive." Beyond cryptocurrency, reform of the traditional stock market is also a major highlight. Atkins noted that the number of U.S. public companies has plummeted by about 40% compared to when he served at the SEC in 1994, preventing a large number of Americans from sharing in the dividends of corporate growth. To this end, he proposed the "Make IPOs Great Again" agenda and directed staff to evaluate the following deregulation measures: - Establishing an "on-ramp" for regulating IPOs. - Expanding the relaxed conditions currently applicable only to emerging and small companies to a broader range of firms. - Providing a more convenient "shelf registration" pathway for almost all public companies, facilitating capital raising by seizing market timing. - Granting companies the flexibility to choose between quarterly or semi-annual financial reporting. Finally, Atkins emphasized that the SEC's Division of Enforcement has undergone a course correction, focusing in the future on combating actual fraud and holding individuals accountable, rather than inflating enforcement case numbers for the sake of "media headlines." As the 250th anniversary of the founding of the United States approaches, he pledged to ensure that U.S. capital markets continue to lead the world.

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