SEC’s Atkins: Few Crypto Tokens Are Securities
SEC’s Paul Atkins says most crypto tokens aren't securities—a major change from the agency’s prior stance.

- Paul Atkins: only a few crypto tokens qualify as securities
- Marks a shift from SEC’s earlier position under Gary Gensler
- Could reshape future crypto regulation in the U.S.
SEC’s View on Crypto Takes a New Turn
In a notable departure from past leadership, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has stated that only a small fraction of crypto tokens should be classified as securities. This represents a significant policy shift from the stance held under former chair Gary Gensler, who maintained that the majority of crypto tokens fell under securities laws.
Atkins’ comments suggest a more favorable and nuanced approach to crypto regulation, one that could ease legal uncertainty for blockchain projects and token issuers in the U.S.
A Break From Gensler’s Broader Approach
Under Gensler, the SEC pursued a more aggressive strategy, asserting that most crypto tokens were unregistered securities. This led to lawsuits against major platforms like Ripple, Coinbase, and Binance, stirring ongoing debates around regulatory overreach and unclear rules.
Atkins’ more limited view signals an intention to reframe how the SEC evaluates crypto assets—potentially aligning more with innovation and investor freedom than strict enforcement.
This shift could also help bridge the gap between U.S. regulators and crypto businesses seeking clarity, possibly making the country more competitive in the global digital asset market.
What This Means for the Crypto Industry
If Atkins’ perspective leads to concrete policy changes, it could significantly reduce the legal risks faced by many crypto projects. A clear distinction between utility tokens and true securities would allow startups and blockchain platforms to operate with greater confidence.
Furthermore, this change may encourage more responsible innovation, drawing in institutional investment and talent previously deterred by regulatory uncertainty.
While details of the new approach are yet to be fully laid out, the statement alone is already being welcomed as a positive step toward regulatory clarity in the crypto space.
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