The U.S. Securities and Exchange Commission (SEC) is showing signs of easing its position on digital assets under the Trump administration. In a recent appearance, SEC Chair Paul Atkins hinted that the agency is exploring new ways to modernize rules for the growing crypto market, suggesting that most tokens may not fall under securities laws.
Most Tokens Aren’t Securities, Says Atkins
Speaking at the Wyoming Blockchain Symposium in Jackson Hole, Atkins said that only a small portion of tokens should be considered securities. His comments highlight a major shift in how the SEC may approach crypto regulation going forward.
“We cannot go about looking at the tokens themselves as necessarily being a security,” Atkins explained. “From the SEC’s perspective, we will plow forward 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.”
SEC Wants Clear and Adaptable Rules
Atkins emphasized that the SEC’s responsibility is to set clear rules that adapt to the industry’s rapid evolution. In a recent post on X, he wrote:
“We must craft a framework that future proofs the crypto markets against regulatory mischief. I look forward to working with my counterparts across the Administration and Congress to get the job done.”
Congress Moves to Shape Crypto Rules
Congress is also playing a key role in defining the future of crypto regulation. In July, the House passed the CLARITY Act, and the Senate is preparing its own market-structure bill for September.
To align with these legislative efforts, Atkins unveiled Project Crypto, a broad set of initiatives aimed at updating securities laws for digital assets. The plan covers:
- Clear standards for when tokens qualify as securities
- Safe harbors for token launches
- Updated custody requirements for institutions
- Approval of “super-apps” that combine trading, lending, and financial services under one license
Trump’s Push for a Crypto-Friendly U.S.
Atkins also noted that the SEC is coordinating across divisions to carry out President Trump’s directive to make the U.S. more crypto-friendly. One area under review is crypto custody rules, which would clarify how broker-dealers, asset managers, and advisers handle digital assets.
“The main reason for doing all this and addressing these various regulations is to provide some certainty for people,” Atkins said in an interview with Fox Business.
The SEC’s evolving stance, combined with Congressional action, signals what could be a regulatory reset for the crypto industry in the United States—potentially laying the groundwork for more innovation and institutional adoption.
