Regulatory Environment - The SEC is focusing on regulatory recalibration to modernize rules that have accumulated over the past four decades, ensuring they are fit for purpose in a rapidly changing financial market [3][4] - There is a need to balance investor protections with the potential overburdening of regulations, as excessive rules can hinder market efficiency [5][6] Digital Assets and Market Integrity - The SEC is embracing digital assets as a critical component of the fourth industrial revolution and aims to provide clarity around regulations governing them [7][8] - Previous approaches by the SEC were criticized for lacking clarity and relying on enforcement rather than proactive regulation, which has led to negative consequences for American innovation and investors [8][9] Access to Private Markets - The SEC is working to ensure retail investors have access to private markets while being cautious of potential pitfalls such as valuation and liquidity issues [10][11] - There is a concern that the number of public companies has decreased significantly, which limits investment opportunities for retail investors [13][14] Market Surveillance and Manipulation - The SEC is actively monitoring market activities to prevent manipulation and ensure a level playing field for all investors, particularly retail investors [15][16] - Surveillance efforts have been enhanced to address concerns about market integrity and to respond to manipulative activities effectively [24][25] Innovations in Securities - The potential for real-world asset tokenization is recognized as a significant innovation that could enhance market efficiency and integrity [21] - The SEC is exploring frameworks for on-chain clearance and settlement of securities to reduce risks and improve safety in the markets [21]