During the Wyoming Blockchain Symposium, Paul Atkins redefined the SEC's regulatory approach: tokens are not securities by default. This change could completely transform the US crypto ecosystem.
In a shift few anticipated, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins declared that “very few crypto tokens are securities,” marking a break with the stance held by his predecessor, Gary Gensler.
Atkins' recent statement, made during the Wyoming Blockchain Symposium in Jackson Hole, not only redefines the conceptual framework with which the SEC has approached cryptoassets in recent years, but also opens the door to a new stage of clearer, more proactive and less punitive regulation.
Trade with confidence on Bit2Me, frictionlessThis shift in institutional narrative by one of the most important federal agencies in the financial world could have profound implications for the Web3 ecosystem, from startups to exchanges, developers to policymakers. Instead of applying the Howey test As a universal criterion, Atkins proposes a contextual assessment that considers how a token is marketed and what surrounds it. With this, the SEC launches an initiative that seeks establish its own rules for the crypto sector, in parallel with legislative efforts such as the GENIUS and CLARITY Acts.
Atkins' statement redefines the SEC's regulatory approach
During his intervention In Jackson Hole, Paul Atkins was clear and direct: “There are very few tokens that, in my opinion, are securities, but it depends on what surrounds them and how they are sold.”This seemingly straightforward phrase represents a break from years of regulatory interpretation that placed most cryptoassets under the SEC's jurisdiction. Atkins added that from the SEC's perspective, it will move forward with the idea that a token itself “It is not necessarily a value, and probably not a value.”.
Its approach introduces a fundamental distinction between digital assets and the context of their issuance or trading. That is, rather than assuming that every token is a security by default, the SEC's new position suggests that classification will depend on factors such as the project's structure, the type of promise made to the buyer, and the token's use within the ecosystem.
The immediate implication of these statements is that many projects that previously operated under the shadow of potential sanctions could now enjoy greater legal clarity. Atkins not only distances himself from Gensler's previous approach, but proposes a structural review of the regulatory framework, in which institutional analysis prevails over judicial interpretation. This vision, more technical and less litigious, could mark the beginning of a new era for the SEC in crypto matters.
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The end of “regulation by enforcement”: The US moves toward clear rules
One of the most significant aspects of Atkins's remarks was his criticism of the "regulation by enforcement" approach that characterized Gary Gensler's administration. Under this model, the SEC acted primarily through sanctions and litigation, without offering a clear regulatory framework for ecosystem players. This strategy generated uncertainty, inhibited innovation, and led to the departure of several projects to friendlier jurisdictions.
However, Atkins proposes abandoning this approach and moving toward regulation based on explicit, understandable rules tailored to the nature of cryptoassets. In this context, the SEC introduced Project Crypto, an internal agency initiative that seeks to establish its own regulatory framework, independent of Congress, although in line with legislative projects such as the CLARITY Act.
Project Crypto, as it has informed This initiative aims to define functional categories of tokens, establish transparency criteria, and create oversight mechanisms that do not rely exclusively on the Howey test. This initiative represents an attempt to institutionalize crypto regulation from the SEC, without waiting for Congress to pass specific laws.
But the federal agency's shift is not only technical but also philosophical. It is now moving from a punitive approach to a collaborative approach, where, instead of persecuting crypto ecosystem players, it seeks to build bridges, offer guidance, and facilitate regulatory compliance. This transformation could have lasting effects on the relationship between regulators and digital finance developers.
Manage your crypto assets with confidenceFrom uncertainty to expansion: the global impact of this regulatory evolution
The SEC's new stance, if implemented as Atkins envisions, could unlock a wave of innovation in the US crypto ecosystem. By reducing the legal ambiguity that has held back many startups, it opens up space for the development of products, services, and platforms that previously operated cautiously or directly from abroad.
For entrepreneurs, this regulatory clarity means fewer resources allocated to legal defense and more investment in technological development. For investors, it means greater predictability in project development, and for users, it could translate into a more diverse and robust offering of Web3 solutions.
In addition, this position could reposition the United States as a competitive environment for the development of decentralized technologies. In recent years, jurisdictions such as Switzerland, Singapore, and the United Arab Emirates have attracted talent and capital thanks to more defined regulatory frameworks. With Project Crypto, the SEC seeks to regain ground and offer a solid institutional alternative.
The impact also extends internationally. Atkins' stance could influence other regulators, especially in countries that closely follow SEC decisions. If a more flexible and contextual view takes hold, we could witness a global paradigm shift in cryptoasset regulation.
Beyond the Howey test
The difference between Paul Atkins's vision and Gary Gensler's is more than semantic: it represents a profound shift in the way we understand cryptoassets. Gensler argued that the "vast majority" of tokens were securities, based on the Howey test, a legal criterion that assesses whether there is a monetary investment in a shared project with the expectation of benefits derived from the efforts of third parties.
This approach, while legally sound, was criticized for its rigidity and failure to adapt to the diversity of models existing in the crypto ecosystem. Governance tokens, utility tokens, access tokens, and even digital collectibles were all treated under the same standard, generating confusion and friction.
Atkins, on the other hand, proposes a more nuanced analysis, which considers the context of issuance, the token's functionality, and its relationship with users. This approach allows us to distinguish between assets that represent financial rights and those that fulfill technical or community functions.
The change does not imply deregulation, but smarter regulationBy recognizing that “very few tokens are securities,” the SEC positions itself as an institution capable of adapting to the challenges of the 21st century.
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