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The Digital Chamber, a prominent crypto industry group with ties to SEC chair nominee Paul Atkins, has called on the Securities and Exchange Commission (SEC) to reset its relationship with the crypto sector. The group is urging the SEC to roll back certain proposed rules and address non-fraud-related lawsuits against crypto firms swiftly after President-elect Donald Trump takes office in January.

In a proposal delivered Wednesday, the Digital Chamber presented a 90-day plan to members of the SEC staff, specifically targeting Republican commissioners Hester Peirce and Mark Uyeda. The plan outlines several actions that the group hopes will be prioritized, especially under the leadership of Atkins, should he be confirmed as SEC chair. Key recommendations include the issuance of “clear commission statements, no-action letters, and bespoke rulemaking” tailored for the digital asset sector.

According to the group, it is time to end the SEC’s ongoing “regulation by enforcement” policy. The group also urged the SEC to eliminate outdated and confusing informal guidance, including speeches, letters, and other non-binding communications from former directors and staff. This guidance, the Digital Chamber argues, has created confusion and made it difficult for market participants to navigate SEC regulations.

The 90-day proposal outlines specific actions for each SEC division. For instance, the group recommends that the SEC’s Division of Enforcement review active crypto-related litigation, as well as pending notices of potential enforcement actions. The group further suggests that any crypto-related enforcement actions that do not involve fraud should be resolved through voluntary dismissals or favorable settlements, with no admission of wrongdoing required. Additionally, the group proposes retooling the size and scope of the Enforcement Division’s Crypto Assets and Cyber Unit.

The Digital Chamber also called for other SEC divisions to withdraw or reconsider several proposed rules that the crypto industry has deemed problematic. These include the expansion of the SEC’s definition of an exchange to include decentralized finance entities, as well as the controversial Staff Accounting Bulletin 121, which mandates that banks track digital assets held in custody on their balance sheets.

The proposal also recommends that the SEC’s Division of Corporation Finance issue no-action letters and exemptive relief to clarify that investment contracts are not necessarily equity securities. The group calls for the SEC to provide staff analysis regarding when digital assets fall under securities laws and to create a provisional definition that is more precise than the existing “Howey test,” a 1946 U.S. Supreme Court ruling that defines investment contracts.