- A new Crypto Task Force has been established to develop comprehensive regulations for cryptoassets, while the SEC has withdrawn from defending previously established climate disclosure rules.
- The SEC has issued updated guidance on Schedule 13G eligibility and reversed Biden-era policies regarding shareholder proposals in proxy statements.
Paul Atkins officially began his role as Securities and Exchange Commission (SEC) Chair on April 21, 2025, after being nominated by President Donald Trump. Atkins succeeds Acting Chair Mark Uyeda, who implemented several significant regulatory changes during his interim leadership that will impact public companies, institutional investors, and market participants across multiple areas.
Crypto Regulation Overhaul and Climate Rule Reversal
On January 21, 2025, Uyeda established a Crypto Task Force led by Commissioner Hester Peirce to create a clear regulatory framework for cryptoassets. The SEC has subsequently dropped existing enforcement actions and issued favorable crypto guidance. In a major shift on March 27, 2025, the SEC voted to abandon its defense of the climate disclosure rules that had required companies to report climate-related risks and greenhouse gas emissions. Following this decision, SEC staff informed the court they are no longer authorized to defend these rules, as noted in “Trump Administration Rolls Back Climate Initiatives and Orders EPA To Set Sunset Dates for Regulations.”
Changes to Shareholder Rights and Reporting
On February 11, 2025, the SEC’s Division of Corporate Finance released updated guidance regarding Schedule 13G eligibility. The new guidelines clarify when shareholders can use the simplified Schedule 13G instead of 13D beneficial ownership reports, stating that shareholder discussions with management that “exert pressure” may constitute “influencing control,” potentially disqualifying them from using the simpler form.
The following day, on February 12, 2025, the SEC issued Staff Legal Bulletin No. 14M, which reversed guidance from the Biden administration provided in Staff Legal Bulletin No. 14L. This change gives companies greater flexibility to exclude shareholder proposals from their proxy statements.
Additionally, on March 3, 2025, the SEC expanded accommodations for companies submitting draft registration statements for nonpublic review. Further details are available in the March 5 client alert “SEC Expands Accommodations for Issuers Submitting Draft Registration Statements.”
While Chair Atkins’ specific priorities remain to be defined in coming months, these recent regulatory shifts signal significant changes in the SEC’s approach to cryptocurrency, climate disclosures, and shareholder rights.
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