SEC’s Roadmap for Digital Assets On Sept. 4, SEC Chairman Paul Atkins revealed the Commission’s Spring 2025 regulatory agenda, directing staff to design rules that integrate digital assets with established market infrastructure. The agenda calls for amendments that would allow crypto assets to trade on national securities exchanges and alternative trading systems, addressing a key demand from the industry for regulatory clarity. Atkins stressed that his priority is to provide “clear rules of the road” for issuance, custody, and trading while discouraging misconduct. A Departure from Enforcement-First Policies The shift marks a stark contrast with the enforcement-heavy approach under former Chair Gary Gensler. Between 2021 and 2024, the SEC pursued over 125 crypto-related enforcement actions, including lawsuits against Coinbase and Binance. A 2024 Cornerstone Research report found enforcement penalties hit record highs, yet case numbers dropped by 30% year over year, hinting at a slowdown even before the transition. Since then, the Trump-era SEC has withdrawn a significant portion of these cases, signaling a retreat from the aggressive litigation strategy. Market Implications and Nasdaq’s Oversight The SEC’s new clarity is already influencing major exchanges. Nasdaq is heightening scrutiny of companies raising capital for large crypto purchases. According to The Information , the exchange has begun delaying approvals and requiring more disclosures, aiming to curb stock price manipulation and ensure long-term sustainability in corporate crypto adoption. This dual trend—regulatory inclusion by the SEC and internal caution by Nasdaq—suggests crypto’s integration with Wall Street will come with both opportunity and greater accountability.
