SEC Chair Paul Atkins States ‘Very Few’ Crypto Tokens Are Securities

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins declared that only “very few” crypto tokens should be considered securities. Speaking at the Wyoming Blockchain Symposium, Atkins outlined a friendlier regulatory stance to foster innovation while preventing what he described as “regulatory mischief.”

“There are very few, in my mind, tokens that are securities,” Atkins said, stressing that classification depends on how a token is packaged and sold rather than its inherent nature. “Just the token itself is not necessarily the security, and probably not,” he stated.

The remarks mark a clear departure from former SEC Chair Gary Gensler’s long-standing position that the majority of crypto assets fall under securities law. Instead, Atkins emphasized a vision of embracing blockchain technology as a foundation for modern financial markets.

Atkins’ comments come on the heels of the SEC’s launch of “Project Crypto” last month. The initiative, billed as an effort to modernize U.S. securities laws, is designed to enable financial assets, including stocks, bonds, and even dollars, to migrate onto blockchain networks.

“It is a new day, especially for this industry,” Atkins said. “We are about innovation. Now we want to embrace innovation.” In a post on X, he added, “We must craft a framework that future-proofs the crypto markets against regulatory mischief.”

Crypto analysts and market participants have welcomed Atkins’ approach. Bernstein analysts hailed Project Crypto as “the boldest and most transformative crypto vision ever laid out by a sitting SEC chair,” arguing it could reshape Wall Street itself. Matt Hougan, the chief investment officer at Bitwise, said it was a plan to invest in digital assets over the next five years. Atkins is betting on a legislative environment that supports innovation while protecting investors by making blockchain the future infrastructure for financial markets. His position might not only change how the SEC interacts with the crypto business, but it could also speed up the use of on-chain finance in the U.S.