TechFlame News — According to The Block, analysts at investment bank TD Cowen have noted that with the federal government back in operation, the U.S. Securities and Exchange Commission (SEC) is entering a critical period as it works on establishing regulatory rules for the cryptocurrency industry. In a report, TD Cowen’s Washington research team, led by Jaret Seiberg, stated that following the end of the longest government shutdown, market attention has shifted to the policy agenda of SEC Chairman Paul Atkins. "With the government back up and running, the SEC is entering the most important 12 months of Chairman Atkins’ tenure, as his deregulatory agenda moves into its implementation phase," Seiberg said on Monday. Since the new Trump administration took office earlier this year, the SEC has taken multiple steps to clarify its stance on crypto regulation, including issuing staking guidance, holding roundtable discussions, and launching a regulatory modernization initiative called the "Crypto Project." Last week, Atkins also unveiled a token classification framework aimed at determining under what circumstances digital assets should be classified as securities. Seiberg pointed out that the SEC needs to begin releasing proposals in the coming months in order to finalize the rules by 2027. The agency can take up to two years from proposal to finalization, which would allow time for legal defense and ensure new regulations are implemented by the end of 2028. Seiberg also noted that Atkins is focused on non-crypto issues such as semi-annual reporting disclosures and retail investor participation in alternative investments. In the crypto space, Atkins is expected to prioritize tokenized equity assets. As crypto companies rush to launch blockchain-based equity tokens, these tokenized securities could directly compete with traditional brokerage services. "We expect SEC Chairman Atkins to provide exemptive relief to online brokers and crypto platforms, paving the way for them to engage in tokenized equity businesses," Seiberg said.