The Office of Information and Regulatory Affairs (OIRA) recently released the Securities and Exchange Commission’s (SEC) Spring 2026 Unified Agenda of Regulatory and Deregulatory Actions (the Agenda). The Agenda outlines an ambitious rulemaking program centered on crypto assets, public-market participation, private-market access, and modernization of the federal securities law framework. The Agenda tracks SEC Chairman Paul S. Atkins’ stated priorities, including protecting investors; facilitating capital formation; maintaining fair, orderly, and efficient markets; and adapting regulation to technological change. The breadth of the agency’s 2026 list offers market participants a useful view of where the Commission may focus its attention.
Crypto regulation moves from enforcement questions to market architecture
Crypto assets feature prominently in the Agenda. Proposals include Crypto Assets, Crypto Market Structure Amendments, and amendments to broker-dealer financial responsibility, recordkeeping, and reporting rules regarding crypto assets. Together, these initiatives suggest that the SEC may pursue a more comprehensive framework for securities-related crypto activity, which is consistent with Chairman Atkins’ previous public statements, including his statements on “Project Crypto.” These initiatives are also consistent with Chairman Atkins' remarks that the Commission seeks to establish clearer crypto guidance to provide notice to market participants of regulations as opposed to “regulation by enforcement.”
Chairman Atkins has emphasized rules of the road for crypto-asset capital raising, tokenized securities, custody, and onchain trading. The Agenda’s crypto items may therefore affect issuers, broker-dealers, custodians, trading venues, investment advisers, and other intermediaries that handle or facilitate transactions in digital assets that are securities or implicate the securities laws. The central question will be whether proposed rules can provide operational clarity while preserving investor protections and market integrity.
Public company reforms seek to lower friction in the IPO process
The Agenda also reflects the SEC’s focus on revitalizing public markets. Several proposed rules target the offering and reporting framework, including Registered Offerings Reform, Updating the Exempt Offering Pathways, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies, Foreign Private Issuer Eligibility Enhancements, and Rationalization of Disclosure Practices.
Other disclosure-focused proposals include Semiannual Reporting, Executive Compensation Disclosure Reform, Shareholder Proposal Modernization, Amendments to Certain Proxy Rules, and formal rescission of the SEC’s climate-related disclosure rules. These entries indicate a broad reassessment of public company reporting requirements that, as Chairman Atkins stated, are “guided by materiality” and “aim to reduce compliance burdens and further facilitate capital formation while maintaining critical investor protections.”
For issuers and IPO candidates, the potential changes could affect registration statements, ongoing reporting, shareholder communications, executive-compensation disclosure, and the use of private and exempt offering pathways. Companies should consider identifying existing disclosure obligations that are particularly resource-intensive and preparing to engage in the comment process as specific proposals emerge.
Retail access to private markets remains a key policy objective
The proposal Enhancing Retail Exposure to Private Markets implements Chairman Atkins’ stated objective of expanding access to private-market opportunities beyond “wealthy investors,” subject to appropriate safeguards. This proposal could raise important questions about investor eligibility, disclosure, valuation, liquidity, intermediary obligations, and the risks associated with investments that lack the trading markets and reporting regime associated with public securities.
Private fund sponsors, issuers conducting exempt offerings, broker-dealers, investment advisers, and investment platforms would be wise to closely monitor this initiative. Any rulemaking could reshape the line between investor access and investor protection in private capital markets.
What market participants can do now
The Agenda signals a Commission seeking to combine a more innovation-focused approach with a significant reassessment of securities market regulation. While the Agenda does not itself impose new obligations, it identifies issues that may develop into significant rulemaking proposals. Companies and financial-market participants should consider mapping the listed projects to their businesses; monitoring SEC releases, enforcement actions, and open meetings; assessing the resilience of their compliance and disclosure controls; and preparing data and practical examples that can inform any potential comment letters.
