SEC Chair Atkins: There are very few tokens that are securities
20.08.2025
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US Securities and Exchange Commission (SEC) Chair Paul Atkins suggested only a small fraction of crypto tokens should be considered securities, as part of the agency's changing approach to what constitutes a security under its purview.
US Securities and Exchange Commission (SEC) Chair Paul Atkins just dropped a bombshell at the Wyoming Blockchain Symposium, suggesting that only a tiny sliver of crypto tokens should be treated as securities. This is a massive shift from the SEC's old stance under Gary Gensler, who claimed the 'vast majority' were securities. Atkins is pushing the agency's 'Project Crypto' to redefine the rules, focusing on the context around tokens, not just the tokens themselves.
From the SEC's perspective, we will plow forward and on this idea that just the token itself is not necessarily the 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 isn't just talk—Atkins is signaling the SEC's independence as Congress gears up to pass the Digital Asset Market Clarity (CLARITY) Act in September. Senate Banking Committee Chair Tim Scott hinted that bipartisan support could be strong, with up to 18 Democrats possibly backing the bill. The Senate returns from recess on Sept. 2, so expect some serious legislative action soon.
Background: Gensler resigned in January when Trump took office, leading to Mark Uyeda as acting chair before Atkins stepped in. The Howey test, which Gensler loved to cite, is getting a rethink under this new leadership. Stay tuned for more updates as the crypto regulatory landscape gets a major shake-up.
#SEC#blockchain#Political Impact on Cryptocurrency#legislation#regulation
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