SEC Chairman Paul S. Atkins delivered a major speech at the Economic Club of Washington on April 21, marking his first year in office. He unveiled the A-C-T strategy (Advance, Clarify, Transform), criticizing previous regulation for forcing innovation abroad.
Advance: Crypto Token Taxonomy Excludes Four of Five Types as Securities
Atkins announced the launch of "Project Crypto," which will publish a crypto token taxonomy defining five digital asset categories, with four explicitly designated as non-securities. An "Innovation Exemption" framework will allow tokenized securities trading on-chain under compliant conditions.
Clarify: Landmark MOU with CFTC Ends Jurisdictional Conflict
Atkins revealed he signed a memorandum of understanding (MOU) with CFTC Chairman Mike Selig last month, unifying key definitions and clarifying regulatory boundaries for digital assets. He said the agreement replaces "a regulatory no-man's land with fertile ground for innovation."
Transform: Reviving IPOs with Flexible Reporting and Fast-Track Registration
Pointing to a 40% decline in U.S. listed companies since 1994, Atkins proposed "Make IPOs Great Again," including an IPO on-ramp, expanded relief for small companies, easier shelf registration, and the option for all public firms to file quarterly or semi-annual reports. He also stressed that SEC enforcement will now target genuine fraud rather than headline-chasing cases, ensuring America's capital markets remain globally competitive.