SEC Chairman Paul Atkins latest statement: The vast majority of Crypto Assets are not securities | Major shift in U.S. Crypto regulation

Paul Atkins, chairman of the U.S. SEC, made it clear at the Wyoming Blockchain Summit that most crypto assets themselves do not qualify as securities, and the regulatory focus should be on their issuance and sales methods. This stance sharply contrasts with the hardline approach of former chairman Gary Gensler and marks a significant shift in U.S. cryptocurrency regulatory policy. This article will also detail the SEC's newly launched "Project Crypto" regulatory plan and its impact on the industry.

SEC Chairman states: The securities nature of crypto assets depends on the issuance method.

During the Wyoming Blockchain Symposium in 2025, SEC Chairman Paul Atkins delivered a significant speech regarding the classification of Crypto Assets. He emphasized that whether a Crypto Asset is classified as a security depends on its "packaging and sales methods," rather than the inherent characteristics of the token itself. "Just based on the token itself, it does not necessarily constitute a security, and it is highly unlikely to be one," Atkins clearly stated, "In my view, there are very few tokens that truly belong to securities, and it completely depends on how it is packaged and sold."

Significant Shift in Regulatory Stance: From the Gensler Era to the Atkins New Policy

This statement marks a fundamental shift in the SEC's regulatory stance. Former Chairman Gary Gensler classified most crypto assets as securities under U.S. securities law and consequently took extensive enforcement actions against the industry, creating a hostile regulatory environment. However, since taking office in April this year, Atkins has consistently emphasized the need for a clear regulatory framework for the industry and adopted a more friendly and non-confrontational regulatory attitude.

Project Crypto Plan: Build a Clear Regulatory Framework

As a specific measure of regulatory reform, the SEC officially launched the "Project Crypto" initiative in July. The project aims to establish clear rules for the issuance, custody, and trading of crypto assets, providing a guiding framework for companies' token issuance and overall operations. Although the final regulations are still in development, Atkins stated that the SEC will consider using interpretative, exemptive, and other powers to ensure that outdated rules do not stifle innovation.

Multiple parties promote regulatory reform: The Trump administration and Congress work together.

These efforts echo the Trump administration's strategy to maintain the United States' dominant position in the global digital asset market. An independent digital asset working group is also calling for the establishment of a unified framework to promote innovation. Recently, the U.S. House of Representatives passed three landmark industry bills, including the first official stablecoin federal framework, the "GENIUS Act."

Future regulatory direction: focusing on innovation protection and long-term development

Atkins recently added that the SEC is also committed to protecting the industry from future challenges such as regulatory overreach or unfair enforcement, emphasizing the need for clear, adaptable rules that can support innovation in the long term. "We must build a future-proof framework that protects the crypto market from regulatory misguidance. I look forward to working with my counterparts in the government and Congress to accomplish this task," he wrote in a statement.

Conclusion

The latest statement from Chairman Paul Atkins has brought a ray of certainty to the regulatory environment for crypto assets in the United States. With the advancement of the "Project Crypto" initiative and the acceleration of the congressional legislative process, the U.S. is moving towards establishing a balanced regulatory framework that protects investors while promoting innovation. This series of positive developments is expected to solidify the United States' leadership position in the global digital asset arena and provide a more stable operating environment for crypto asset businesses and investors.