Today on CNBC Chairman SEC PaulSAtkins regarding the Commission’s interpretation on crypto assets.

SEC Chairman Paul S. Atkins used a CNBC appearance, amplified on the SEC’s official X account, to promote and explain the Commission’s new formal interpretation on crypto assets, marking a sharp departure from the prior “regulation by enforcement” approach and asserting that most crypto assets are not securities under U.S. law. The media hit is part of a coordinated rollout that includes his “Regulation Crypto Assets: A Token Safe Harbor” speech and the broader Project Crypto agenda, which together lay out a token taxonomy, clarify when an “investment contract” ends, and signal a more permissive framework for on‑chain innovation. In the interpretation and related speeches, Atkins states that the SEC now recognizes four categories of crypto assets that are not deemed securities: digital commodities/network tokens, digital collectibles, digital tools, and payment stablecoins qualifying under the GENIUS Act, while tokenized securities remain securities because they represent traditional financial instruments recorded on a blockchain. He emphasizes that crypto assets can still fall under securities laws when offered as part of an investment contract under the Howey test, but that a token does not remain a security indefinitely once the contractual promises and managerial efforts that created the investment contract have effectively expired. This shift matters because it offers long‑sought regulatory clarity for token issuers, exchanges, and DeFi projects, potentially encouraging more crypto activity to move onshore to the U.S., even as the SEC signals it will continue to aggressively pursue fraud and misconduct in the sector. The CNBC segment and the SEC’s social media promotion also situate the interpretation within Project Crypto’s broader policy goals: modernizing securities rules for on‑chain market infrastructure, creating tailored disclosure and safe‑harbor frameworks for token offerings, and coordinating with Congress and other regulators on a dedicated “Regulation Crypto” package. By publicly underscoring that “most crypto tokens trading today are not themselves securities,” and that “economic reality trumps labels,” Atkins is attempting to reset expectations for both industry and markets on how the SEC will treat different crypto asset types going forward, while urging Congress to finalize comprehensive digital asset legislation.

✨ AI-generated background, compiled from web sources — not editorial content.

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