SEC Chairman: Promote Regulatory Streamlining and Support Exemptions for Equity Tokenization Innovation

According to the SEC official website, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul S. Atkins, delivered a speech at the annual meeting of the Investor Advisory Committee, focusing on three main topics.

First, to reduce unnecessary information disclosure burdens, advocating the principle of "minimum effective dose regulation," emphasizing that rules should be centered on materiality and flexibly adjusted according to company size; at the same time, suggesting extending the applicability period of 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 "shaming regulation" exceeds the SEC's authority, and governance decisions should be made by shareholders and directors themselves.

Third, expressing views on the tokenization of equity securities, believing that tokenization helps improve settlement efficiency, reduce settlement risks, and minimize intermediaries, and revealing that the SEC will consider introducing an innovative exemption mechanism to support limited trading of specific tokenized securities and accumulate experience for developing a long-term regulatory framework.