SEC Chair Paul Atkins: “Very Few” Tokens Are Securities — Project Crypto Paves Way for U.S. On‑Chain Reform

At a Wyoming blockchain symposium, SEC Chairman Paul Atkins reaffirmed a measured, pro-innovation outlook on digital assets, indicating that only a “very small number” of tokens are likely to meet the legal definition of securities. His remarks, following the launch of Project Crypto last month, frame the initiative as part of a broader securities law modernization effort designed to facilitate an orderly on-chain transformation of US capital markets. For market participants and compliance teams, the key takeaway is the regulator’s focus on token economics, distribution mechanics and method of sale when assessing classification. Firms should prioritize legal reviews, transparent governance and robust disclosure to align with evolving crypto regulation and engagement with policymakers and Congress as reforms proceed.