Overview

• The Unified Agenda, published September 4 by OIRA, outlines the SEC’s near‑term rulemaking plans under new leadership.
• Crypto is a core focus with four tracks: potential offer‑and‑sale exemptions and safe harbors, custody updates under the Advisers Act and Investment Company Act, market‑structure changes for trading venues, and transfer‑agent rules addressing distributed ledger technology.
• The agenda formally withdraws several high‑profile proposals from the prior administration, including corporate board diversity, human capital management disclosure, and Regulation D/Form D improvements.
• Target next‑action dates cluster around spring 2026, though the timeline is non‑binding and subject to change.
• Other priorities include modernizing Rule 14a‑8 on shareholder proposals, updating Rule 144, reviewing foreign private issuer eligibility, simplifying shelf registration and exempt offering pathways, clarifying the dealer definition, and reconsidering the Consolidated Audit Trail.