- The SEC has released fresh guidance for crypto-related disclosures.
- New Chair Paul Atkins is expected to take a softer line on enforcement.
- Hester Peirce leads a task force focused on crypto rulemaking.
Crypto’s regulatory recalibration is underway, and the Securities and Exchange Commission is starting to put down its first markers.
The SEC’s Division of Corporation Finance published fresh guidance on how crypto firms should approach disclosures when offering or registering securities, marking one of the agency’s first major signals under its new leadership.
“We’re not saying your crypto assets are securities,” Commissioner Hester Peirce tweeted, “but if they are (and we’re working on clarifying that), here’s some disclosure guidance.”
This comes as the SEC enters a new phase under Chair Paul Atkins, a Trump appointee expected to unwind the more aggressive enforcement stance of his predecessor, Gary Gensler.
Post-XRP playbook
The new guidance outlines how crypto businesses should tailor filings to match securities laws.
It dives into everything from how tokens are minted and managed to how crypto networks are built, governed, and monetised, even if the token itself isn’t technically classified as a security.
It’s a priority that gained momentum after the SEC’s case against Ripple, which centred on whether XRP sales to institutional and retail investors constituted unregistered securities.
A judge ruled XRP wasn’t a security when sold to the public, and the SEC dropped its appeal last month, but questions still hang over how other tokens will be treated.
Although the memo isn’t a formal rule change, it’s the clearest signal yet of how the SEC wants crypto firms to present themselves legally and operationally.
A softer SEC
The tone at the SEC has shifted significantly in recent months.
Since President Donald Trump appointed Mark Uyeda as acting chair in January, and with Paul Atkins now confirmed, the agency has dropped or paused several major cases tied to crypto.
In late February, Robinhood announced that the SEC had closed its investigation into its crypto business.
Coinbase said around the same time that the regulator had agreed to dismiss its case.
The SEC also paused proceedings against Binance and quietly ended its investigation into NFT marketplace OpenSea.
And Peirce herself — often dubbed “Crypto Mom” for her industry-friendly stance — is also playing a key role in the reset.
She now leads an internal SEC task force focused on developing a more coherent framework for digital assets.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
