SEC Chair Paul Atkins announced potential updates to securities regulations for onchain markets, focusing on redefining exchanges, brokers, dealers, and clearing agencies in the crypto sector. The SEC is considering a 'notice and comment' rulemaking process to address how the term "exchange" applies to crypto markets. Additionally, the agency is evaluating broker and dealer rules for onchain activities and software interfaces, possibly through exemptive rulemaking. Atkins highlighted the need to reassess the traditional clearing agency model in light of onchain systems where settlements are nearly instantaneous and counterparty risks are managed algorithmically. The SEC is also exploring regulatory approaches for crypto vaults that generate onchain yield, with particular attention to the Securities Act and Investment Advisers Act.