U.S. SEC Chairman: Plans to streamline regulation, promote cryptocurrency legislation, and reduce costs

The chairman of the U.S. Securities and Exchange Commission (SEC) testified before the House Financial Services Committee, stating that it will reduce regulatory burdens through three major initiatives to "make IPOs great again," including: streamlining disclosures based on materiality, reducing politicized issues at shareholder meetings, and providing litigation alternatives for public companies. He emphasized that the federal regulatory framework for crypto assets is "seriously outdated," supports Congress in passing the CLARITY Act, and collaborates with the CFTC to develop token classification and on-chain transaction exemption plans through "Project Crypto."

At the same time, the SEC is conducting a comprehensive review and cutting costs for systems such as the Consolidated Audit Trail (CAT), lowering PCAOB budgets and board compensation, and combating foreign manipulation and fraud through cross-border enforcement, reaffirming its core mission to protect investors and enhance market efficiency.