SEC Chair Paul Atkins Signals Policy Shift on Crypto Tokens, Says Few Are Securities

SEC Chair Paul Atkins has signaled a potential pivot in the agency's approach to digital assets, stating that only a "very few" crypto tokens should be classified as securities. Speaking at the SALT conference in Wyoming, Atkins emphasized that the token itself is "probably not" the security—rather, the classification hinges on how it is marketed and sold. This marks a departure from the SEC's enforcement-heavy stance under former Chair Gary Gensler.

Atkins drew a parallel to commodity markets: "I can buy an orange without expecting dividends from its harvest. Similarly, buying a token doesn’t inherently make it a security." The remarks suggest a more nuanced regulatory framework may emerge, focusing on transactional context rather than blanket asset categorization.

Commissioner Hester Peirce reinforced the outreach tone, inviting early-stage crypto projects to meet with the SEC in Chicago on September 15. The developments indicate growing institutional recognition of crypto's unique characteristics beyond traditional securities law.