Remarks at the Small Business Capital Formation Advisory Committee Meeting

In his address at the Small Business Capital Formation Advisory Committee Meeting on May 6, 2025, SEC Chairman Paul S. Atkins reviews the progress and challenges associated with Regulation A as a tool for capital raising by emerging, privately held small businesses and smaller publicly traded companies. He notes that while companies have raised roughly three times as much capital under Regulation A compared to Regulation Crowdfunding and rule 504 combined, the total remains less than one percent of capital raised under rules 506(b) and 506(c). The Chairman highlights that the increased offering limit from $50 million to $75 million has not spurred a significant uptick in offerings, and he raises questions regarding other potential improvements such as federal preemption of state regulation for secondary resales, permitting at‐the‐market offerings, and addressing the geographic concentration of Regulation A use. He also calls for a review of whether broader amendments could make Regulation A a more viable framework, including for issuers of crypto asset securities, without incurring disproportionate compliance costs.