Catenaa, Wednesday, November 12, 2025- US Securities and Exchange Commission Chair Paul Atkins announced a sweeping regulatory plan today (Wednesday) to classify digital assets under a new “token taxonomy,” signaling a departure from the aggressive enforcement stance of the previous administration.
Speaking at the Federal Reserve Bank of Philadelphia’s Fintech Conference, Atkins said the taxonomy would draw from the long-standing Howey Test to determine when a crypto asset qualifies as a security.
The initiative forms part of “Project Crypto,” a broader SEC effort to modernize digital asset rules.
Atkins clarified that only crypto tokens tied to clear, managerial promises of profit would be deemed securities.
Assets such as “network tokens” supporting decentralized blockchains, including Ethereum, Solana, and XRP, as well as “digital collectibles” and “digital tools” like membership or ticket tokens, would not fall under the SEC’s jurisdiction.
He added that assets meeting security standards could later transition out of that category once issuers fulfill or end their commitments.
“Networks mature, code is shipped, and control disperses,” Atkins said, noting that the framework was “not a promise of lax enforcement” but a means to align oversight with economic reality.
The SEC will also explore allowing securities and non-securities to trade on integrated “super-app” platforms, potentially outside traditional SEC-regulated venues.
Atkins’ remarks mark a distinct policy shift from former Chair Gary Gensler’s enforcement-heavy approach, which led to high-profile cases against firms including Binance, Coinbase, and Ripple Labs.
