SEC Zeroes In on Advisors Recommending Alternatives. Just Not Crypto 

Is that everything? OK.

The SEC’s priorities for 2026 focus on complex products and alternatives like private equity and private credit, but there seems to be one thing missing: crypto. Digital assets are now a $4 trillion global industry in which roughly 14% of American adults have holdings, but a Ctrl+F search of the agency’s plans that was announced this week didn’t return even one mention of cryptocurrency.

“It’s a glaring omission because [former SEC Chair Gary] Gensler couldn’t form a sentence without mentioning cryptocurrency,” said securities lawyer Bill Singer. “It’s like in ancient Egypt or Rome, when pharaoh or caesar fell out of favor, they would chisel their names off all the monuments.” 

What Matters Most?

Crypto’s exclusion from the priorities list further highlights the 180 that the Paul Atkins-chaired SEC has done on multiple issues from its stances during the Biden era, when it was often criticized for regulating crypto by enforcement. The absence of crypto from the 2026 priorities is being seen as an intentional and politically savvy move. “The SEC is sending a very clear message that it’s not getting involved in the crypto debate,” Singer told Advisor Upside. “Given the fact that the Trump family is heavily involved in crypto and crypto is a growing debated issue in society, it’s become a third rail to the SEC.”

However, that creates a regulatory void for brokerages, RIAs and other firms looking to sell crypto as an asset, Singer said. “Does it mean they can pursue crypto products risk free?” he said. “Wall Street doesn’t care whether somebody is for or against something. They just want the certainty of knowing what’s what, so that they can handle investments and trading strategies.”

The SEC will instead focus on advisors recommending:

• Alternatives with extended lock-up periods, like private credit and private equity.
• Exchange-traded funds with complex strategies, including option-based, leveraged, or inverse ETFs.
• Products with higher commissions or expenses than comparable investments.

“Atkins is basically laying his chips on the table that he is not going to head an SEC that engages in ‘gotcha oversight,’” Singer said. “Oddly enough, from a Republican administration, we’re getting a kumbaya tone to securities regulation now.”

Chill Pill. Overall enforcement has slowed under the current SEC. More than 90% of actions against public companies in 2025 were filed before the change in administrations in late January, according to Cornerstone Research. Off-channel communications with clients is another area the SEC has not been prioritizing. The previous regime wasted resources focusing on books and records retention, Atkins said in a speech last month. “We must go after cases of genuine harm and bad acts,” he said.