Based on reports, 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.
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 token listings in the future.
The regulator underlined three main areas—issuance, custody and trading—and said each needs tailored rules. He argued that fresh standards will protect investors by spelling out what counts as a security, how tokens must be held, and where they can trade. He also promised to keep enforcement focused on fraud and manipulation, rather than using enforcement actions to shape policy.
Featured image from Forkast News/Canva, chart from TradingView
