SEC Chair Paul Atkins Signals Regulatory Shift, Says Few Cryptocurrencies Qualify as Securities

U.S. Securities and Exchange Commission Chairman Paul Atkins has upended the crypto regulatory landscape with a pivotal declaration: only a "very small number" of digital assets meet the criteria for securities classification. The remarks, delivered at the Wyoming Blockchain Symposium 2025, mark a stark departure from former Chair Gary Gensler's aggressive enforcement posture.

Atkins emphasized that a token's status hinges on its commercial context rather than technical attributes. "Just the token itself is not necessarily a security, and probably not," he stated, adding that packaging and sales methods determine regulatory treatment. This pragmatic approach contrasts with Gensler's sweeping assertions that most crypto assets fell under securities laws.

The policy shift arrives as the SEC seeks to clarify its stance under new leadership. Since taking office in April, Atkins has championed regulatory transparency for the industry—a stance reflected in recent enforcement decisions. Market participants interpret the comments as potentially reducing legal uncertainty for major cryptocurrencies like BTC and ETH, though the commission hasn't provided specific guidance on individual assets.