Atkins Says Most Crypto Assets Are Not Themselves Securities

SEC Chair Paul S. Atkins said Friday that most crypto assets are not themselves securities, while outlining federal digital-asset initiatives that include a proposed rule for certain offerings.

Atkins made the remarks at the Economic Club of Dallas on Oct. 30. He cited Project Crypto, launched in July 2025, and a March interpretation issued jointly by the SEC and Commodity Futures Trading Commission (CFTC). The interpretation describes categories of crypto assets and how federal securities laws apply to them; it does not place every crypto asset or transaction outside those laws.

The SEC proposed Regulation Crypto Assets on Aug. 18 as a framework for certain investment contracts involving crypto assets. The proposal includes exemptions for offerings of up to $5 million over four years and up to $75 million in each 12-month period. It remains a proposal.

Atkins also cited the SEC’s Sept. 17 order granting temporary, conditional exemptions for certain venues trading tokenized National Market System stocks and some liquidity providers. The order concerns tokenized stocks, not crypto assets generally; TokenPost previously covered the tokenized-stock exemptions.