SEC Chairman Paul Atkins recently clarified that only a very small number of cryptocurrencies qualify as securities.
Summary
- SEC Chairman Paul Atkins has clarified that only a very small number of cryptocurrencies qualify as securities.
- The approach marks a significant shift from former Chair Gary Gensler’s stricter stance and anti-industry policies.
During his speech at the Wyoming Blockchain Symposium 2025, U.S. Securities and Exchange Commission Chairman Paul Atkins commented on the classification of cryptocurrencies, saying most tokens are not securities.
According to him, whether a cryptocurrency is considered a security depends on how it is “packaged and sold,” rather than its inherent characteristics.
“Just the token itself is not necessarily a security, and probably not,” he said, “There are very few, in my view, tokens that are securities, but it depends on what’s the package around it and how that’s being sold.”
Atkins’ remarks represent a significant shift from the approach adopted by former SEC Chair Gary Gensler, who classified the majority of crypto assets under U.S. securities law. Gensler’s stance led to widespread enforcement actions against the industry, creating a hostile regulatory environment.
Since his appointment in April, Atkins has consistently stressed that the industry deserves regulatory clarity, adopting a more welcoming and non-hostile approach to regulations. His latest remarks also build on broader positive regulatory developments in recent months, including the formation of a new pro-industry initiative called “Project Crypto.”
What is Project Crypto?
Earlier in July, Atkins announced the launch of ‘Project Crypto’ by the SEC. The project aims to create clear rules for crypto distributions, custody, and trading, providing businesses with guidance on token offerings and overall operations.
While final regulations are still being developed, Atkins said the SEC would consider using interpretative, exemptive, and other authorities to ensure that outdated rules do not stifle innovation.
The efforts come as the Trump administration continues to push to maintain the United States’ dominance in global digital asset markets, with a separate Working Group on Digital Assets also calling for a unified framework that promotes innovation. The U.S. House also recently passed three landmark bills relating to the industry, including the GENIUS Act, the first official federal framework for stablecoins.
Atkins added recently that the SEC is also focused on protecting the industry from future challenges such as regulatory overreach or unfair enforcement, highlighting the need for rules that are clear, adaptable, and capable of supporting innovation over the long term.
“We must craft a framework that future proofs the crypto markets against regulatory mischief. I look forward to working with my counterparts across the Administration and Congress to get the job done,” he wrote.
