SEC Chair Atkins Says Most Tokens Are Not Securities

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SEC Chair Paul Atkins says only few tokens qualify as securities, contrasting Gensler and aligning with Congress on crypto laws.   U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has taken a friendlier stance toward cryptocurrency than his predecessors.  According to details of a speech he gave at the Wyoming Blockchain Symposium, Atkins said that very few crypto tokens should be considered securities. He explained that tokens themselves are “probably not” securities. Instead, classification depends on how a token is packaged and sold.  How Atkins Views Token Classification Atkins told the audience in Jackson Hole that the SEC will not assume every token is a security by default. Instead, the agency will examine the full context of each offering. “There are very few, in my mind, tokens that are securities,” he said. “It depends on what the package is around it and how that’s being sold.” 🚨SEC Chair Paul Atkins says “very few” tokens should be classified as securities! 🙌🏼 This HUGE shift comes just days after the XRP lawsuit officially ended—a landmark moment for crypto clarity! #XRP #XRPCommunity pic.twitter.com/IxsW1miNMM — BULLRUNNERS (@BullrunnersHQ) August 20, 2025 This is a major switch from the view of former SEC Chair Gary Gensler. For context, Gensler often said the “vast majority” of tokens were securities under the Howey test. Atkins is now pushing the SEC in a different direction: One that leans more toward fostering innovation rather than restricting it. Project Crypto and Market Modernisation Last month, the SEC launched Project Crypto. Project Crypto is an initiative designed to update securities laws to be more welcoming for investors and issuers.  Atkins described it as an effort to help U.S. financial markets move on-chain. “It is a new day, especially for this industry,” Atkins said. “We are about innovation. Now we want to…