A top US regulator laid out a clear push for change yesterday

A top US regulator on Wednesday (August 9) signaled a strong intent for change, suggesting that moving stocks and bonds onto crypto and blockchain could open the door to new ways of buying, selling and owning shares.

Speaking at a Washington roundtable on tokenization, the official, newly appointed US Securities and Exchange Commission (SEC) Chair Paul Atkins, drew a simple parallel to how music shifted from vinyl to digital files.

Atkins added that sticking with old rules could push innovation offshore, and vowed to work with his fellow commissioners to quickly set fresh guidelines.

Issuance Guidelines Under Scrutiny

According to Atkins, only four crypto issuers have used the SEC’s full registration or “Regulation A” since these tokens first appeared.

The small number, he said, shows that current forms—like the long Form S-1—can feel like “a square peg in a round hole.” He suggested carving out clear paths, including new exemptions or safe harbors, so token offerings can meet basic disclosure needs without pages of irrelevant details.

Rethinking Custody Rules

As reported, the SEC has already scrapped Staff Accounting Bulletin No. 121, which had tangled up firms wanting to hold digital assets. The speaker called that move just the first step.

He urged a fresh look at who can act as a “qualified custodian,” noting that some funds and advisers now use self-custody tools that may offer strong safeguards. Only two “special purpose broker-dealers” exist today, and he hinted that their narrow rules might be replaced with a more sensible model.

«We may need to consider whether the existing framework for "special purpose broker-dealers" is sufficiently flexible to accommodate the evolving landscape of digital asset trading. This is an area where we can work together to ensure that our rules are keeping pace with the times and that our goal of investor protection remains paramount,» said Atkins.

Trading Platforms Get New Focus

Atkins said it’s time to let brokers build “super apps” where customers can trade stocks, crypto and other products in a single place. He pointed out that nothing in current law bars broker-dealers from listing non-security tokens alongside shares.

To make that happen, he’s asking staff to update the rules for alternative trading systems, and to weigh whether national exchanges might host tokenized equity listings in the future.

«We are also examining the scope of the term 'security token' and how it relates to the broader category of tokens. As we coordinate our efforts, I believe we can quickly provide clear signals to investors and businesses, facilitating the efficient deployment of capital and the development of innovative financial products and services.»

Task Force Drives Coordination

Atkins also highlighted a newly formed Crypto Task Force, led by two fellow commissioners and focused on coordinating the SEC’s work in crypto. He said this group fixes years of agency silos by pooling policy, legal and technical teams.

The effort follows a call from US President Donald Trump to make the US «the crypto capital of the planet.»