Securities Regulation Daily Wrap Up, SEC NEWS AND SPEECHES—SEC 2025 report emphasizes progress on crypto, IPOs, and rule revisions, (Jan 20, 2026)

By Anne Sherry, J.D.

Chairman Atkins underscored the need for “clear rules of the road” for crypto markets.

The SEC published its 2025 Agency Financial Report, which summarizes the Commission’s progress over the last fiscal year towards advancing the administration’s priorities and fulfilling the SEC’s tripartite mission. Chairman Paul Atkins reiterated his commitment to clarifying crypto regulation as well as discouraging bad actors in that space. The report also focuses on the SEC’s work to scale back disclosure requirements and undo regulations that could stifle public offerings.

Crypto. The report describes the year’s progress toward establishing “clear rules of the road for the issuance, custody, and trading of crypto assets,” which it said are necessary for investor protection. These steps include the establishment of the Crypto Task Force, the launch of “Project Crypto,” the approval of in-kind creations and redemptions in crypto exchange-traded products, and a joint statement with the CFTC regarding the trading of certain spot crypto asset products.

MIGA. The SEC also details the steps it is taking to “Make IPOs Great Again.” The agency’s goals here include scaling back disclosure requirements, “de-politicizing” shareholder meetings, and curbing frivolous lawsuits. SEC staff have made accommodations for nonpublic review of draft registration statements and have clarified that a registration statement’s effectiveness will not be delayed because it includes a mandatory arbitration provision for investor claims.

CAT. The report also called out the Consolidated Audit Trail, specifically the costs for investors and the risks arising from data collection. SEC staff are conducting a review of those costs, and the agency has granted conditional relief from certain requirements. It also provided an exemption from the requirement to report certain personally identifiable information.

Staffing and finances. Introducing the report, Atkins said that “the SEC’s greatest strength remains its people.” The report acknowledges a 17 percent headcount reduction since the beginning of the fiscal year, resulting in an agency with 4000 employees and 2300 contractors. However, it does not acknowledge the vacancies at the top, describing itself as “an independent federal agency led by a bipartisan, five-member Commission” even as it comprises only three commissioners, all belonging to the same party.

The SEC’s total assets at the close of the fiscal year were $15.5 billion, of which $5 billion are disgorgement- and penalty-related receivables for which the SEC books a corresponding liability. The agency exceeded its goal for how great a share of fair fund and disgorgement plans have distributed 80 percent of the funds within 24 months of the plan’s approval, and it said that the Enforcement Division will continue to prioritize timely distribution, in part by centralizing the distribution function and using process improvements to aid monitoring and tracking distribution deadlines.

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