SEC chair Atkins says most tokens not securities in regulatory shift

Atkins backs predictable digital asset framework through Project Crypto, marking a departure from prior enforcement tactics

by Blockworks /
article-image

SEC Chair Paul Atkins | The White House/"P20250422MR-0297.jpg" (

share

US Securities and Exchange Commission chair Paul Atkins said during a keynote address on Wednesday that “most crypto tokens are not securities,” signaling a major policy shift for the agency.

Speaking at the OECD Roundtable, Atkins reiterated the SEC’s Project Crypto initiative — first launched in July — and sharpened its focus by pledging that most tokens will fall outside securities law and that entrepreneurs will be able to raise capital on-chain without “endless legal uncertainty.”

He argued that for too long, the SEC relied on ad hoc enforcement actions that drove innovation offshore, and pledged instead to offer predictable regulatory guidance for digital assets.

The statement seemingly breaks with years of SEC practice since the 2017 DAO Report, which applied the Howey test to many token sales, leading to enforcement actions against exchanges and issuers. Under Atkins, the agency will distinguish more clearly between securities and non-securities, giving entrepreneurs firmer ground when structuring tokenized projects.

He also endorsed a “super-app” platform model that would allow trading, lending, and staking under a single regulatory framework, aligning the SEC more closely with the European Union’s Markets in Crypto-Assets regime.

Atkins’ comments follow the President’s Working Group report on digital asset markets, which urged agencies to accelerate rulemaking to keep the US competitive.

This is a developing story.


This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

Institutional staking providers specialize in offering secure, compliant, and scalable solutions for organizations, asset managers, and individuals who wish to stake large volumes of digital assets. Staking-as-a-Service Providers (SaaSPs) act as intermediaries, running blockchain nodes and managing the technical complexities of staking on behalf of clients, often providing custody, reporting, and yield optimization features across a broad range of assets and networks.

article-image

Phantom expands its wallet into a money app, powered by Bridge’s CASH stablecoin and Visa-backed payment integration

by Blockworks /
article-image

Robinhood explores overseas expansion as regulators debate whether contracts are financial products or gambling bets

by Blockworks /
article-image

Partnership will bring EURC and USDC to regulated trading, settlement and custody infrastructure under MiCAR rules

by Blockworks /
article-image

New AJUP product on SIX Swiss Exchange gives investors institutional exposure to Solana’s core liquidity engine

by Blockworks /
article-image

Sponsored

Oasis Vault is a self-custody wallet designed to eliminate issues that affect traditional wallets

by Sponsored /
article-image

The SEC’s approval of the generic listing standards opens the door for Litecoin and Solana ETPs