Sonia Barros, partner at Sidley Austin LLP, sat down for a video interview at Nareit's REITwise: 2025 Law, Accounting & Finance Conference® in San Antonio, Texas.
Barros discussed the anticipated changes at the Securities and Exchange Commission (SEC) under incoming Chair Paul Atkins. Atkins’ nomination received Senate approval on April 9. Barros expects a shift toward a more deregulatory and pro-business stance, especially in contrast to the regulatory-heavy approach under former Chair Gary Gensler.
Atkins, a seasoned SEC veteran and securities lawyer, is likely to prioritize capital formation and crypto regulation. Barros noted that even under Acting Chair Mark Uyeda, the SEC has already initiated deregulatory steps, such as expanding the ability for all public companies—not just recent IPOs—to confidentially submit registration statements. This change facilitates easier access to capital markets for REITs and other entities.
Barros also highlighted potential upcoming reforms under Atkins, including changes to Blue Sky registration and proxy rules, with an emphasis on limiting shareholder proposals and increasing oversight of proxy advisory firms.
Addressing the current proxy season, Barros observed increased caution among companies in DEI disclosures due to a Trump-era executive order. Lastly, she touched on emerging interest among public companies in digital asset reserves, such as Bitcoin, driven by federal initiatives. While REITs haven’t embraced this trend yet, Barros suggests it may become relevant as strategies evolve.