SEC Chairman Paul Atkins stated that the Trump administration has prioritized financial leadership and innovation since taking office, and the SEC is implementing this agenda; his remarks were made at a White House conference on cryptocurrency, finance, and technology.

The SEC recently proposed the "Regulation Crypto Assets" rules, which aim to establish customized exemptions for certain token issuances: early projects can raise up to $5 million in a single round within four years, and eligible issuers can raise up to $75 million every 12 months; the rules are still in the public comment phase and have not yet taken effect.

The proposed framework requires issuers to disclose information about the project, team, token functions, use of funds, risks, and key development work, while retaining enforcement authority against fraud and manipulation. The goal is to shift token financing from case-by-case enforcement and legal opinion reliance to a predefined financing cap and an executable information disclosure path.

Atkins also promoted the "Project Crypto" initiative, aimed at modernizing securities regulations applicable to blockchain markets and studying a token classification system to more clearly distinguish between securities and non-securities based on the Howey test.

The policy mix at the White House conference includes SEC token financing rules, CFTC Innovation Advisory Committee, congressional advancement of the CLARITY Act, and discussions on compliance for cryptocurrency derivatives. The SEC can adjust issuance and trading requirements within its jurisdiction through rulemaking, but the clear division of responsibilities between the SEC and CFTC in market structure still requires congressional legislation or agency coordination.

In terms of market mechanisms, the direct buyers of the proposed rules are token projects, exchanges, custodians, and legal and auditing service providers seeking compliant fundraising in the U.S.; transparent disclosures, proof of fund usage, and verifiable development progress will become part of the financing costs. Short-term capital typically trades on expectations of "regulatory warming," flowing into mainstream tokens and U.S. compliant platforms; long-term beneficiaries will be financial infrastructures that can meet registration, customer protection, information disclosure, and market monitoring requirements, rather than all crypto assets.

Source: Public Information