September 4, 2025
What Happened?
SEC Chair Paul Atkins released a statement on Thursday, Sept. 4, 2025, announcing the Office of Information and Regulatory Affairs’ release of the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions. The regulatory agenda outlines the SEC’s list of forthcoming rulemakings, including those that are in the pre-rule stage, proposed rule stage, and final rule stage for Spring 2025. The regulatory agenda appears to be fairly consistent with the Office of Management and Budget’s accidental release of the SEC’s regulatory agenda last month, which was removed soon thereafter.
Among the proposed rules are unspecified amendments to Form N-Port, amendments to Custody Rules, and a proposed rule regarding the offer and sale of crypto assets.
“A key priority of my Chairmanship is clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law,” Atkins stated.
Pre-rule stage regulations include Foreign Private Issuer Eligibility, Asset-Backed Securities Registration and Disclosure Enhancements, and Evaluating the Continued Effectiveness of the Consolidated Audit Trail. The two regulations in the final rule stage are Financial Data Transparency Act Joint Data Standards and Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers.
What Does This Mean for Me?
Crypto is in—the agenda’s inclusion of a crypto asset proposal, a crypto market structure amendment, and a custody proposal to modernize custody regulations, including “to address … crypto assets” sends a clear message that the SEC intends to create a regulatory framework for crypto currency. However, these are just agenda items tentatively dated for the second quarter of 2026. We will have to wait and see how quickly the SEC follows through on completing the proposed rulemakings, publishing the proposals, and inviting public comments.
Also of interest is the Customer Identification Program rule (“AML CIP”). AML CIP would require investment advisers to implement procedures to identify and verify the identity of their customers. AML CIP is still in the final rule stage on the agenda. The SEC could move to align AML CIP with the Anti-Money Laundering and Countering the Financing of Terrorism Rule (“AML/CFT”). The SEC postponed the effective date of the AML/CFT until 2028. Applying a 2028 effective date to a final AML CIP rule would allow for compliance programs to prepare a comprehensive AML program for both rules.
