tl;dr
SEC chair Paul Atkins announced a major shift in crypto regulation, stating that only a few tokens should be classified as securities, contrasting with former chair Gary Gensler's broader classification. Speaking at the SALT Wyoming Blockchain Symposium 2025, Atkins emphasized a more selective regul...
Securities and Exchange Commission chair Paul Atkins has signaled a significant shift in crypto regulation, asserting that “very few tokens” should be classified as securities. This stance marks a sharp departure from his predecessor Gary Gensler, who maintained that the majority of crypto assets fall under the securities category. Atkins spoke at the SALT Wyoming Blockchain Symposium 2025, emphasizing that the SEC’s “Project Crypto” could reshape how the agency approaches companies involved in digital assets.
Atkins used a vivid metaphor, stating, “We cannot go about looking at oranges themselves as necessarily being a security,” before clarifying that the SEC will advance the position that most tokens are not securities. His position suggests a more measured regulatory approach, limiting securities classification to a small subset of tokens.
Looking ahead, Atkins highlighted the SEC’s intent to implement recommendations from the President’s Working Group on Digital Asset Markets swiftly, even as Congress debates larger market structure reforms. He expressed optimism about the recently enacted GENIUS Act regulating stablecoins, describing it as a “seminal step” for U.S. policymakers, while acknowledging the need for significant internal reforms at the SEC following a period dominated by enforcement-heavy regulation.
In related developments, Robert Hines, the former Executive Director of the White House Crypto Council under President Trump, has joined stablecoin issuer Tether as an advisor, signaling continued alignment between crypto industry leadership and regulatory expertise.
Despite these regulatory advancements, the crypto market has experienced a deepening correction. Total market capitalization dropped 2.3% to $3.87 trillion—marking its lowest point in two weeks. Bitcoin saw a sharp 2.7% decline, falling to $112,650 in early Asian trading before modestly recovering to $113,500, though it remains down 8.5% from its recent peak. Ethereum lost its gains from the previous week, slipping below $4,100 amid widespread market turmoil. While altcoins experienced less severe losses, most were trading lower at the time of reporting.