On May 12, 2023, Paul S. Atkins, Chairman of the U.S. SEC, clearly stated at the tokenization roundtable that the SEC would abandon the 'enforcement regulation' model and shift towards developing flexible rules suitable 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, enhance liquidity, and reduce 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 Relaxation: Abolish SAB 121, which restricts banks from custodial services for crypto assets, and promote optimization of self-custody and qualified custodian standards.

4. Trading Innovation: Support for a 'super app' model that allows mixed trading of securities and non-securities assets, promoting market vitality. This meeting marks a shift in SEC policy aimed at attracting crypto innovation back to the U.S., echoing the Trump administration's vision of a 'crypto capital.'