SEC launches IPO "resuscitation": two Atkins reforms change the rules of the game
SEC Chairman Paul Atkins has officially launched his "Make IPOs Great Again" program, introducing two major initiatives. This is the first real step toward overhauling the public market structure, which has not been updated in over two decades. The goal is to restore the appeal of initial public offerings and open access to them for a wider range of companies and retail investors.
The statistics are alarming: since the mid-1990s, the number of public companies in the U.S. has dropped by approximately 40%. Atkins directly points to the cause—the growing volume of regulatory requirements, which forces fast-growing startups to move to private markets, where costs and bureaucracy are significantly lower. The current system, in essence, is stifling IPOs.
What is the SEC proposing?
The first project, the Filer Status Proposal, raises the market capitalization threshold at which a company is required to disclose information in full from $700 million to $2 billion. This threshold has not been revised since 2005. Additionally, the reform extends the "grace period" for newcomers to the exchange: they will now be able to remain in a simplified reporting regime for at least five years instead of just one. For companies with assets up to $35 million, it is proposed to extend the deadlines for preparing annual and quarterly reports.
The numbers speak for themselves: currently, 52% of public companies use simplified disclosure. After the rules are adopted, their share will grow to 81%. At the same time, the remaining 19% will still account for 93.5% of total market capitalization. According to Atkins, this is the ideal balance between market development and investor protection.
The second initiative, the Registered Offering Reform Proposal, removes requirements for a company's operating history and the volume of shares in circulation for accelerated securities registration. This gives companies the ability to quickly raise capital when needed, without unnecessary bureaucratic delays.
An important nuance: both rules were developed back in the era of the SEC's paper-based reporting. Now, the simplified regime will be extended to all U.S. public companies, not just the giants that previously had special privileges.
Crypto market in focus
Atkins' approach is radically different from the policy of his predecessor Gary Gensler, who was repeatedly criticized for excessive pressure on the crypto industry. The recent transition of former SEC Chairman Jay Clayton to a high government post only confirms systemic changes in the structure of financial oversight.
A number of crypto companies are already closely monitoring the conditions for going public in the U.S. In early 2026, Ledger suspended its IPO, citing market volatility, although there had previously been rumors of a potential listing with a valuation of $4 billion. If the reforms are adopted, digital companies will receive a much clearer and more predictable "regulatory pathway."
Both proposals have been put up for public comment. Atkins also announced the next phase—a revision of disclosure requirements under Regulation S-K, based on the principle of "materiality." Companies will only disclose data that is truly important to investors, rather than formal reports for the sake of ticking boxes.
My analysis: This is not just cosmetic repair, but an attempt to reboot the IPO institution in the U.S. For the crypto sector, this is a signal: the regulatory environment is becoming more friendly. If the reforms go through, we could see a wave of listings from major blockchain projects that previously preferred to remain in the shadows of private capital. The market is waiting for clarity—and Atkins is providing it.