SEC Chair Paul Atkins: “Very Few Tokens Are Securities”

A Shift in Regulatory Tone at the Wyoming Blockchain Symposium

At the Wyoming Blockchain Symposium in Jackson Hole, US Securities and Exchange Commission (SEC) Chair Paul Atkins signaled a significant shift in how the agency views digital assets. Speaking on Tuesday, Atkins stated that in his view, “very few tokens are securities,” a marked departure from the stance taken under his predecessor.

The remarks came as part of the SEC’s Project Crypto, an initiative aimed at providing a framework for digital asset regulation. Atkins emphasized that the commission intends to take a more tailored approach, evaluating tokens within the context of how they are packaged, marketed, and sold.

Moving Away From the Gensler Doctrine

Under former SEC Chair Gary Gensler, the agency maintained that the “vast majority” of crypto tokens qualified as securities under the Howey test, making them subject to strict oversight. Gensler’s resignation earlier this year, coinciding with President Donald Trump’s inauguration, opened the door for a policy reset.

Atkins drew a clear distinction between his perspective and that of his predecessor, stating:

“We can not go about looking at tokens themselves as necessarily being a security, and probably not. There are very few, in my mind, tokens that are securities, but it depends on what’s the package around it and how that’s being sold.”

This approach suggests a more flexible interpretation of securities law, one that many in the crypto industry have long pushed for.

While Atkins has authority to guide SEC policy, the legislative branch is also preparing to weigh in. The US House of Representatives passed the Digital Asset Market Clarity (CLARITY) Act in July, aimed at establishing clearer rules for the crypto industry. The Senate Banking Committee has signaled plans to refine and advance the bill when lawmakers return from recess on September 2.

Committee Chair Tim Scott, also speaking at the symposium, hinted at growing bipartisan momentum. He suggested that as many as 18 Democrats may support a market structure bill alongside Republicans this fall.

Implications for the Crypto Industry

Atkins’ comments are being closely watched by both institutional investors and blockchain developers. A regulatory framework that recognizes “very few tokens as securities” could reduce compliance burdens and open the door for broader adoption across US markets.

At the same time, the SEC’s Project Crypto remains in development, and market participants are awaiting details on how rules will be applied in practice. The balance between investor protection and innovation will likely remain a central theme in regulatory discussions.

The SEC’s evolving stance on digital assets marks one of the most important regulatory shifts for the crypto industry in years. By suggesting that only a small fraction of tokens meet the definition of securities, Chair Paul Atkins has set a new tone that could shape both market behavior and upcoming legislation.

With Congress preparing to finalize its own crypto market structure in the coming months, the path ahead will determine how the United States positions itself in the global digital economy.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.