U.S. SEC Chair: Pushing for Regulatory Streamlining, Supporting Equity Tokenization Innovation Exemptions

According to the SEC website, Paul S. Atkins, Chair of the U.S. Securities and Exchange Commission (SEC), delivered remarks at the Investor Advisory Committee's annual meeting, focusing on three major topics.

First, reducing unnecessary information disclosure burdens and advocating the "minimum effective dose regulation" principle, emphasizing that rules should be centered on materiality and flexibly adjusted based on company size; simultaneously recommending an extension of the applicable timeframe for the "IPO On-Ramp" in the JOBS Act to encourage more small and medium-sized enterprises to go public.

Second, opposing the SEC's indirect intervention in corporate governance through "comply or explain" disclosure requirements, arguing that such "name-and-shame regulation" exceeds the SEC's authority, and that governance decisions should be determined by shareholders and boards independently.

Third, commenting on equity securities tokenization, believing that tokenization helps improve settlement efficiency, reduce settlement risk, and decrease intermediaries, and disclosing that the SEC will consider introducing an innovation exemption mechanism to support limited trading of specific tokenized securities and accumulate experience for formulating a long-term regulatory framework.