On September 4, 2025, the Office of Information and Regulatory Affairs published the semi-annual "Unified Agenda of Regulatory and Deregulatory Actions" of the various federal agencies. The Unified Agenda includes the SEC's Spring 2025 Current Agenda containing the following items from the Division of Investment Management, as well as the SEC's current timing estimates. From other SEC Divisions, the Current Agenda also contains several crypto-related rulemakings, which are reproduced separately below. In many cases, the scope and substance of the rulemakings are ambiguous notwithstanding the description provided.
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Rulemaking |
Status & Timing |
Description |
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Amendments to Form N-PORT |
Proposed Rule Stage Apr. 1, 2026 |
The Division of Investment Management (the "Division") is considering recommending that the SEC propose amendments to Form N-PORT to address identified disclosure burdens. |
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Amendments to Rule 17a-7 Under the Investment Company Act |
Proposed Rule Stage Apr. 1, 2026 |
The Division is considering recommending that the SEC propose amendments to Rule 17a-7 under the 1940 Act to modernize the conditions for, and expand the availability of, the exemption from Section 17(a), allowing certain purchase or sale transactions between an investment company and certain affiliated persons. |
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Amendments to the Custody Rules |
Proposed Rule Stage Apr. 1, 2026 |
The Division is considering recommending that the SEC propose amendments to existing rules and/or propose new rules under the Investment Advisers Act and the 1940 Act to improve and modernize the regulations around the custody of advisory client and fund assets, including to address in each case crypto assets. |
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Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers |
Final Rule Stage Apr. 1, 2026 Rule proposal described in a 2024 Ropes & Gray Alert |
The Division is considering recommending that the SEC, jointly with FinCEN, issue a final rule with regard to certain investment advisers that requires those investment advisers to implement reasonable procedures to verify the identities of their customers. |
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Crypto-Related Rulemaking |
Status & Timing |
Description |
|
Crypto Assets |
Proposed Rule Stage Apr. 1, 2026 |
The Division of Corporation Finance is considering recommending that the SEC propose rules relating to the offer and sale of crypto assets, potentially to include certain exemptions and safe harbors, to help clarify the regulatory framework for crypto assets and provide greater certainty to the market. |
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Transfer Agents |
Proposed Rule Stage Apr. 1, 2026 |
The Division of Trading and Markets is considering recommending that the SEC propose updates and refinements to modernize the existing regulatory regime for transfer agents, including rules relating to crypto assets and the use of distributed ledger technology by transfer agents. |
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Crypto Market Structure Amendments |
Proposed Rule Stage Apr. 1, 2026 |
The Division of Trading and Markets is considering recommending that the SEC amend Exchange Act Rules to account for the trading of crypto assets on ATSs and national securities exchanges. |
Observations
As described in a Ropes & Gray Alert, in June, the SEC issued a notice formally withdrawing certain proposed rulemakings issued in 2022 and 2023 under the prior administration. In a statement accompanying the release of the Current Agenda, Chairman Atkins explicitly noted that "[i]mportantly, the agenda reflects our withdrawal of a host of items from the last Administration that do not align with the goal that regulation should be smart, effective, and appropriately tailored within the confines of our statutory authority."
We anticipate that the SEC under Chairman Atkins will continue to have a broad deregulatory orientation and, for the foreseeable future, will include crypto-related rulemakings.
Each of the rulemakings indicates that the SEC plans its next action to occur by April 1, 2026. In some instances, that date is likely to slip.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
