The U.S. Securities and Exchange Commission (SEC) has proposed its most far-reaching rewrite of public listing rules in more than 20 years, aiming to reduce compliance costs and make it easier for companies — including crypto firms — to raise capital in U.S. markets.

The draft reforms would overhaul IPO regulations and ongoing reporting requirements, giving newly public companies greater flexibility to access funding both during and after their listing. SEC officials said the changes are intended to reverse a long-term decline in publicly listed firms by lowering regulatory friction and improving capital formation.

A growing number of crypto-related companies have recently moved toward public markets, including BitGo (BTGO), Circle (CRCL), and Bullish (BLSH), while firms such as Securitize and Kraken have explored or discussed IPO plans. The SEC’s proposed framework could reduce both the cost and complexity of going public, especially for mid-sized crypto companies facing high compliance burdens.

One of the most notable changes would allow companies to use “shelf registrations” immediately after an IPO. This would let firms pre-register securities and issue shares quickly when market conditions are favorable. Under current rules, companies generally must wait about a year before using this tool. The SEC also proposes removing the $75 million public float threshold tied to unrestricted shelf offerings.

For crypto firms operating in volatile markets, this added flexibility could be particularly significant. A company like Securitize, which focuses on tokenized securities infrastructure and is frequently seen as a potential IPO candidate, could return to markets for additional fundraising soon after listing if investor demand improves.

The proposal would also expand eligibility for regulatory accommodations currently limited to the largest public companies. At present, only about 36% of listed firms qualify, but the SEC estimates the changes would extend these benefits to roughly 75% of issuers. These accommodations include simplified registration processes, more flexibility in communications during offerings, and broader access to broker-dealer research coverage.

Another key revision would raise the threshold for “large accelerated filer” status from $700 million to $2 billion in public float. Companies below that level would remain subject to reduced reporting and audit requirements for longer periods after going public. The SEC also proposes requiring firms to exceed this threshold for two consecutive years before being placed into stricter compliance categories.

Officials said the current framework can push companies into costly reporting obligations due to short-term fluctuations in market valuation. The updated approach aims to provide greater stability and predictability in how regulatory requirements are applied.

While the proposal is not specifically targeted at crypto companies, it signals a broader shift in SEC policy toward encouraging capital formation and revitalizing U.S. public markets after years of more enforcement-heavy oversight.

The rule changes will now enter a 60-day public comment period before any final adoption is considered.