On May 12, 2023, Paul S. Atkins, Chairman of the SEC, clearly stated at the tokenization roundtable that the SEC will abandon the "enforcement regulation" model and shift towards developing flexible rules suited for crypto assets. Key points from the meeting include:

1. Tokenization Potential: Atkins likened it to the digital audio revolution, emphasizing that on-chain securities will reshape issuance, trading, and asset management models, enhancing liquidity and reducing intermediary costs.

2. Issuance Reform: Plans to adjust traditional securities disclosure requirements, explore exclusive exemptions and safe harbor policies for crypto assets, and simplify compliance pathways.

3. Custody Deregulation: Abolishing SAB 121, which restricts banks from custodying crypto assets, and promoting optimization of self-custody and qualified custodian standards.

4. Trading Innovation: Supporting the "super application" model, allowing mixed trading of securities and non-securities assets to promote market vitality.

This meeting marks a shift in SEC policy aimed at attracting crypto innovation back to the United States, echoing the Trump administration's vision of a "crypto capital."