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ARTICLE · 05 SEPTEMBER 2025

Simpson Thacher SEC Watch: Monthly Takeaways For Asset Managers - September 2025

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In response to a White House report directing the SEC and CFTC to develop regulations to make the U.S. the "crypto capital of the world," SEC Chairman Atkins announced "Project Crypto," a "Commission-wide initiative to modernize the securities rules and regulations."

United StatesTechnology
Adam S. Aderton
Adam S. Aderton
David Blass
David Blass
Justin Browder
Justin Browder
Nicholas Goldin
Nicholas Goldin
Michael Osnato, Jr.
Michael Osnato, Jr.

Opening Doors for New Investment Opportunities: A Regulatory Revamp for Digital Assets and 401(k) Plans

Summary: In response to a White House report directing the SEC and CFTC to develop regulations to make the U.S. the "crypto capital of the world," SEC Chairman Atkins announced "Project Crypto," a "Commission-wide initiative to modernize the securities rules and regulations."

  • The regulatory push represents a pivot from an enforcement-oriented approach to one that favors clear guidance and bright-line rules for assessing compliance with the federal securities laws. The SEC is empowered to create an accommodating regulatory environment and propose purpose-fit disclosures, exemptions and safe harbors that take "economic realities" into account. The initiative also calls on the SEC to allow non-security crypto assets to trade alongside crypto securities on SEC-regulated platforms.

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