U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has taken a strikingly different stance from his predecessor, declaring that only a small number of cryptocurrencies should be treated as securities.
Speaking at the Wyoming Blockchain Symposium 2025, Atkins argued that a token’s classification depends largely on how it is marketed and sold, rather than on its underlying design.
“Just the token itself is not necessarily a security, and probably not,”
Atkins said.
“There are very few, in my view, tokens that are securities, but it depends on what’s the package around it and how that’s being sold.”
The comments mark a major departure from the position of former SEC Chair Gary Gensler, who maintained that most digital assets fall under securities laws, a view that triggered years of aggressive enforcement actions and tension with the crypto sector.
Since taking office in April, Atkins has pushed for a friendlier regulatory environment, repeatedly emphasizing the need for clarity rather than hostility. His approach has been further reflected in the launch of Project Crypto, an SEC-led initiative designed to establish tailored rules for token distributions, custody, and trading.
The project, unveiled in July, seeks to provide businesses with clearer guidance on compliance, while allowing regulators to use interpretative and exemptive powers to prevent outdated laws from hindering innovation.
Atkins’ comments arrive at a pivotal moment for U.S. crypto policy. The Trump administration has called for stronger efforts to preserve America’s leadership in digital assets, while a newly formed Working Group on Digital Assets has urged regulators to adopt a unified, innovation-driven framework. Congress has also advanced industry-friendly legislation, including the GENIUS Act, the nation’s first official federal framework for stablecoins.
Additionally, Atkins said the SEC’s priority is to balance innovation with investor protection while safeguarding the sector from regulatory overreach.
“We must craft a framework that future proofs the crypto markets against regulatory mischief,”
he said.
“I look forward to working with my counterparts across the Administration and Congress to get the job done.”
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