The U.S. Securities and Exchange Commission has proposed sweeping changes to initial public offering (IPO) and public-company rules that could make it easier for firms, including crypto companies, to go public in the U.S. and raise money after listing.
The package, unveiled Tuesday, marks the largest proposed overhaul of registered offering rules in more than 20 years. SEC officials said during a media briefing that the reforms aim to reverse a long-term decline in the number of public companies by reducing compliance costs and simplifying capital raising.
Over the past 18 months, companies including BitGo (BTGO), Circle (CRCL) and Bullish (BLSH) have completed public listings or major U.S. market debuts, while firms such as Securitize and Kraken have either explored or publicly discussed IPO plans. The SEC’s proposed changes could make those listings cheaper and faster to execute, especially for mid-sized crypto firms that may struggle with the costs tied to becoming a public company.
The proposal could remove several obstacles that have made U.S. public listings expensive and unpredictable.
One of the most significant changes would let newly public companies use “shelf registrations” immediately after an IPO. That process allows firms to pre-register securities and quickly sell shares when market conditions improve.
SEC officials said current rules force companies to wait roughly a year after going public before using that process. The proposal would also eliminate the existing $75 million public float requirement tied to unrestricted shelf offerings.
For crypto businesses operating in volatile markets, that flexibility could prove important.
A company like Securitize, which specializes in tokenized securities infrastructure and has been viewed as a potential IPO candidate, could theoretically go public and rapidly access public markets again if investor demand rises.
The SEC also proposed expanding access to regulatory accommodations currently reserved for the largest public companies. Officials said only about 36% of listed firms currently qualify for those benefits, but the proposal would raise that figure to roughly 75%.
Those accommodations include streamlined registration processes, broader communication flexibility during offerings and expanded research coverage from broker-dealers.
Another major change would raise the threshold for “large accelerated filer” status from $700 million to $2 billion in public float — meaning companies valued between those levels would avoid the SEC’s toughest reporting and audit requirements for longer. Companies would also remain exempt from the strictest reporting requirements for at least five years after going public.
SEC officials said the current framework can force firms into costly audit obligations too quickly because filer status can shift based on short-term stock price movements. Under the proposal, companies would need to exceed the threshold for two consecutive years before facing tougher requirements.
The changes could particularly benefit crypto firms that are still scaling operations after listing.
The proposal does not create crypto-specific rules. But it signals a broader shift at the SEC toward encouraging capital formation and public listings after years of heavier enforcement-focused oversight toward the industry.
The rules are now open for public comment for 60 days before any final adoption.