SEC’s Atkins Launches “Make IPOs Great Again” With 2 New Rules

SEC Chair Paul Atkins filed two proposed rulemakings, targeting a public company framework unchanged for more than 20 years, with the stated goal of expanding initial public offering access to more companies and retail investors.

The move marks the first formal step in Atkins’ “Make IPOs Great Again” agenda. Listed U.S. companies have declined roughly 40% since the mid-1990s. Atkins attributes that shift to decades of accumulated regulatory burden. Rising compliance costs have made private capital markets increasingly attractive to growing companies.

Inside the SEC’s Two Proposed Rules

The Filer Status Proposal raises the public float threshold for full disclosure requirements from $700 million to $2 billion. That benchmark has not changed since 2005. It also converts the post-IPO on-ramp from a five-year maximum to a five-year minimum. Companies with $35 million or less in assets gain extended filing deadlines for annual and periodic reports.

Currently, 52% of public companies benefit from some form of disclosure scaling. Under the proposal, that share rises to 81%. The remaining companies still represent 93.5% of the total public market float. Atkins says that figure reflects a deliberate balance between capital formation and investor protection.

The Registered Offering Reform Proposal removes shelf registration requirements tied to company age and public float. That process lets companies tap public capital quickly when market conditions are favorable.

Both requirements date to an era of paper-based SEC filings. The amendments also extend benefits previously reserved for well-known seasoned issuers to all domestic listed companies, regardless of size.

What the Shift Means for Crypto

Atkins framed the reforms as an expansion of investment opportunity for ordinary Americans.

“Every IPO is an invitation for millions of investors to share in the prosperity of the next generation of American enterprise,” Paul Atkins said.

The move contrasts with the approach of Gary Gensler’s SEC tenure, which drew heavy criticism from the crypto industry. Critics argued the agency’s FY2025 crypto enforcement activity misallocated resources. Former chair Jay Clayton recently moved on to a senior government role, marking a broader reshaping of federal financial oversight.

Several crypto firms watch U.S. listing conditions closely. Ledger paused its IPO earlier in 2026, citing market volatility, following earlier reports of a possible $4 billion listing. The proposed changes could give digital asset companies weighing a public debut a clearer regulatory path forward.

Both proposals are open for public comment. Atkins indicated future rulemakings will tackle Regulation S-K disclosure requirements, using materiality as the guiding principle. That next phase could determine how far the SEC’s reform agenda ultimately reaches beyond the offerings framework.

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