SEC Chair Paul Atkins on the GENIUS Act, private equity in 401(k)s and crypto investing

Digital Asset Regulation & Innovation - The US government has officially recognized payment stablecoins, potentially lowering costs and risks through near-instantaneous settlement of payment versus delivery for securities [3] - The SEC's role involves pushing exchanges towards T0 (effectively instantaneous) settlement, while addressing fraud prevention [3][4] - The industry is currently at T+1 settlement, moving towards the long-desired goal of almost instantaneous delivery versus payment [4][5] - The SEC has stated informally that Ether is not a security [22] - The market is embracing digital assets, fostering development and innovation in the sector [23] Private Markets & 401(k) Plans - Private markets have grown significantly in the last 30-40 years, offering capital through venture capital, private equity, and private credit [7] - There's increasing investor demand to access private markets through retirement plans [7] - The SEC aims to collaborate with the Department of Labor to establish guardrails for individual investors to include private funds in their retirement plans [8][9] - Key considerations for private fund investments include valuation, liquidity, and fees, necessitating fiduciary oversight [9] Public Market Rejuvenation - The industry needs to rejuvenate public markets by addressing excessive disclosure, litigation issues, and governance issues [12][13][14] - The SEC aims to level the playing field between public and private markets through regulatory power [12][14] Liquidity in Private Investments - Liquidity is a key concern for private investments, especially as investors approach retirement [14][16] - The market may develop solutions to address liquidity issues, such as secondary or tertiary markets for liquidating investments [17][19] - Diversification is crucial in retail markets, along with addressing fees and liquidity [20]