Securities Regulation Daily Wrap Up, SEC NEWS AND SPEECHES—Atkins chats with IOSCO’s chair about cross-border cooperation and embracing change, (Apr 14, 2026)

By Rebecca E. Hoffman, J.D.

Along the way, the SEC chair cautioned that the speed of technology could increase transactional errors.

SEC Chairman Paul S. Atkins sat down with Jean-Paul Servais, the chair of IOSCO, for a “fireside chat” at the 3rd IMF-IOSCO Conference on Market-Based Finance April 13, at the start of the IMF/World Bank Group Spring Meetings.

ACT. Atkins noted that he will have served as SEC chair for a year as of April 21, though he has been a part of the SEC for 30 years on and off. He took the attendees through his “ACT” agenda, which stands for Advance, Clarify, and Transform. “Advance” means seeing the markets in their current state and letting go of the past. Specifically, the SEC should move beyond its former “ostrich and head-in-the-sand approach” to digital assets, and transition away from “regulation through enforcement,” which stemmed from having a framework that did not fit modern technology.

The inability of the old rules to promote fair and efficient regulation of digital assets prompts the “clarity” piece, Atkins said. The SEC’s plan is to propose new rules and try to adopt as many as possible this year. The “transform” pillar addresses the SEC’s “big rule book that has never really had a true spring cleaning.” Atkins declared that all divisions of the Commission are planning to transform and “get things fit for purpose.”

When asked about the progress of tokenization over the last year, Atkins said there is “huge promise” for “efficiency, timeliness, and de-risking of the financial markets.” He observed that individual tokens will come and go, but “the digital ledger technology” that is “the backbone” of this landscape is on the verge of enabling immediate clearing and settlement. “We're finally within grasp of [instant settlement],” Atkins said, “so much so that we may even have to build in speed bumps to slow down things, to prevent fat finger problems.” He added that the SEC will embrace innovation, while ensuring that it does not “atomize” or fragment the market.

‘Retailization’ of private markets. Servais asked Atkins to talk about “the famous balance between access, choice, competition, [and] protection” when it comes to private equity. Atkins said his goal is to have “reasonable and rational retailization.” Retail investors in 401(k) plans can benefit from participation in private markets as long as there are guardrails, and investors are aware of illiquidity, fees, and the risks inherent in “dynamic” markets, so that, as he put it, those who “can’t take the heat, get out of the kitchen.”

Turning to the issue of global understanding, Atkins remarked that international cooperation is “indispensable.” Governments must “band[] together” to ensure market integrity and combat “the ne’er-do-wells out there,” he added. There is already a “robust effort” to collaborate across borders, he said. Servais agreed that cross-border markets share an interest in avoiding a fragmented framework that would impose greater costs on market participants.

Overarching priority. Servais asked Atkins for his top priority for regulators and the industry “to help markets innovate safely.” Atkins urged regulators to “embrace change.” Every innovation introduces “danger,” he said, but rather than push against it we should “embrace it, and then … help guide it.” This applies to crypto and to AI, he said, noting that the agency is aiming to embed AI “in every single aspect of what we’re doing.”

He also reiterated the importance of global cooperation, noting the April 10 no-action letter issued to the Bank of England. He explained that the SEC is considering similar relief for other countries, with the goal of an exemption from registration requirements in bail-in situations, which would advance cross border regulatory coordination. “That's just an example of how we want to be a good partner … in the marketplace.”

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