Paul Atkins, chairman of the SEC, emphasised that existing registration forms and disclosure rules are outdated for crypto assets, making compliant offerings difficult for issuers

Quotes that support claims

Issuers have largely avoided these types of offerings, in part, due to challenges in satisfying the associated disclosure requirements.

For example, Form S-1 continues to require detailed information regarding executive compensation and use of proceeds, which may not be relevant or material for investment decisions in crypto assets.