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ChainCatcher news, according to The Block, analysts from investment bank TD Cowen pointed out that with the federal government resuming operations, the U.S. Securities and Exchange Commission will enter a critical period as it begins to formulate regulatory rules for the cryptocurrency industry. The TD Cowen Washington research team, led by Jaret Seiberg, stated in a report that after the longest government shutdown ended, market attention has shifted to SEC Chairman Paul Atkins' policy agenda. Seiberg said on Monday: "After the government restarts, the SEC will face the most important 12 months of Chairman Atkins' tenure, and his deregulatory agenda will enter a substantive phase." Since the new Trump administration took office this year, the SEC has taken several actions to clarify its stance on crypto regulation, including issuing staking guidelines, holding roundtable meetings, and launching a rule modernization initiative called the "Crypto Plan." Last week, Atkins also announced a token classification scheme aimed at defining under what circumstances digital assets should be classified as securities. Seiberg pointed out that the SEC needs to begin issuing proposals in the coming months in order to complete rulemaking by 2027. The process from proposal to finalization can take up to two years, which will leave room for judicial defense and ensure that the new rules are implemented by the end of 2028. Seiberg mentioned that Atkins is also focused on non-crypto topics such as semi-annual disclosure and retail investor participation in alternative investments. In the crypto sector, Atkins is expected to focus on tokenized equity assets. As crypto companies race to launch blockchain equity tokens, these tokenized securities may directly compete with traditional brokerage businesses. Seiberg stated: "We expect SEC Chairman Atkins to provide exemptive relief to online brokers and crypto platforms, paving the way for them to conduct tokenized equity business."