SEC Chairman Paul Atkins pointed out that tokenized securities can enhance liquidity (e.g., automatic dividends) through smart contracts and expand asset usage scenarios, analogous to the disruption of the music industry by digital audio. The regulatory framework will focus on reforms in three main areas:

1. **Issuance**: Establish dedicated disclosure rules for crypto assets, explore registration exemptions and safe harbor policies, and avoid the 'square peg in a round hole' contradiction of traditional forms;

2. **Custody**: Repeal restrictive policy SAB 121, support self-custody and qualified custodian standards, and relax institutional participation;

3. **Trading**: Allow brokers to integrate securities and non-securities trading, promoting the modernization of 'super applications' and alternative trading systems.