Last Updated: April 4, 2025


The Digital Chamber’s Token Alliance Leadership Committee recently took a proactive role in framing out an agenda for the SEC’s new Chair and Commission majority by offering a list of policy priorities designed to start the process of rebuilding trust with the global digital asset community. Below are the TDC 2025 SEC priorities that have been achieved or are currently in progress.

Day 1:

Enforcement: 

ACHIEVED: Initiate an immediate review of all existing digital asset-related investigations, Wells notices, and in-process litigation cases. 

IN PROGRESS: Seek stays for ongoing litigation cases that do not involve actual fraud, investor loss, or risk of imminent harm, allowing time to finalize the Commission’s approach. 

OCA 

ACHEIVED: Rescind SAB 121 and, if necessary, publish a revocation order in the Federal Register. 

  • SAB 121 imposes undue burdens on digital asset custodians by requiring them to hold assets on their balance sheets, creating accounting challenges and deterring innovation in the digital asset space. Rescinding the Bulletin and publishing a revocation order in the Federal Register will restore a balanced regulatory approach. 
  • Issued by SEC staff in March 2022. 
  • In 2023, GAO found that SAB 121 was a rule under the APA and improperly issued. 
  • Congress passed bi-partisan legislation to repeal in May 2024, vetoed by Biden. 
  • SEC staff has been providing selective exemptive relief to a few market participants from SAB 121 with absolutely no transparency and outside the standard no-action letter process. 

FIRST 30 DAYS 

Corporation Finance 

IN PROGRESS: Issue No-Action Letters, Exemptive Relief or Commission Statements – listed in order of priority: 

  • State that certain technology functions on a blockchain network are not securities transactions; 
  • Provide no-action relief that investment contracts are not equity securities under the ’33 Act and ’34 Act; 

IN PROGRESS: Issue no-action relief or Commission Statements to specific market participants and then commence efforts on rulemaking proposal for specific disclosure standards for investment contracts with underlying digital assets or digital assets that implicate the securities laws, depending on which approach is taken. 

  • The current ’34 Act reporting regime clearly does not work for these types of assets; 
  • We need a new set of disclosure standards that take into account the unique characteristics of digital assets and the features of those assets that are important to investors. 
  • Excellent progress has already been made here by the industry on a disclosure framework that we fully support. It has currently been published for comment by the GDCA. We’re happy to provide a copy of the document if helpful. 

Enforcement 

IN PROGRESS: Use discretionary enforcement authority in cases where there is no real fraud or investor loss or that are theory- based, such as secondary trading cases where the theory is that most digital assets are securities, and ask courts to dismiss the case or settle the case provided the SEC clearly has jurisdiction. 

  • Allow “No admit/No deny” settlements. 
  • Limit penalties to nominal fees where appropriate. 
  • Limit SEC appeals on theory- only cases. 

IN PROGRESS: Use discretionary enforcement authority to issue Termination Letters on Wells notices and formally end all investigations related to digital assets that are not based on fraud or imminent loss. 

ACHIEVED: Revisit the size of the Crypto Unit. 

  • Outsized Crypto Assets unit staff number needs to be reallocated, or the name and focus of the unit needs to be changed, to increase industry trust. 

DAYS 30 – 90 

Enforcement 

IN PROGRESS: Continue efforts to right-size Enforcement’s focus on the digital asset industry to help build trust in the global community. 

View the full TDC SEC 2025 priorities list here.

If you have any questions, please reach out to Policy@digitalchamber.org