SEC Unveils Ambitious Regulatory Agenda
From the desk of Jim Eccleston at Eccleston Law
The Securities and Exchange Commission (SEC) has released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, signaling a sweeping shift in rulemaking priorities. According to ThinkAdvisor, SEC Chair Paul Atkins described the agenda as reflecting “a new day at the Securities and Exchange Commission, "emphasizing innovation, capital formation, market efficiency, and investor protection as core goals."
A central priority, according to Atkins, is establishing “clear rules of the road” for the issuance, custody, and trading of crypto assets, while targeting misconduct by bad actors. ThinkAdvisor reports that the agenda also highlights deregulatory proposals designed to reduce compliance burdens and streamline capital raising, with a focus on widening investor access to private businesses.
As reported by ThinkAdvisor, here are the key Initiatives in the SEC’s Regulatory Agenda:
Consolidated Audit Trail (CAT)
In October, the SEC intends to propose a comprehensive review of the CAT, inviting public comment on its design, functionality, and scope of information collection, according to ThinkAdvisor.
“Small Entity” Definition
Also slated for October, the SEC will consider revising its definitions under the Regulatory Flexibility Act. According to ThinkAdvisor, the Division of Investment Management has recommended raising the asset-based thresholds for “small business” and “small organization,” aiming to better capture the impact of rulemaking on smaller RIAs.
Custody Rules
In April 2026, the SEC plans to propose amendments or new rules to modernize custody regulations for advisory clients and fund assets, with specific consideration of crypto assets.
Crypto Assets
By April 2026, the SEC expects to propose rules governing the offer and sale of crypto assets, including potential exemptions and safe harbors, to provide clarity and stability for the market, as reported by ThinkAdvisor.
Customer Identification Programs (CIP) for RIAs
The SEC also plans to finalize CIP requirements for advisers under the Bank Secrecy Act in April 2026. The rule would require advisors to adopt procedures for verifying customer identities.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Tags: eccleston, eccleston law, sec
