Overview
- Chair Paul Atkins said the Commission will in coming months consider establishing a token taxonomy anchored in the Howey test to distinguish securities from commodities.
- He asked staff to present a package of exemptions creating a tailored offering regime for tokens that are securities because they are sold via investment contracts.
- Atkins said most tokens, including network tokens, meme-style collectibles and digital tools, should not be treated as securities unless tied to explicit, unambiguous managerial promises.
- He emphasized that investment‑contract status can expire, so tokens initially sold as securities may cease to be securities once issuer promises are fulfilled, fail, or terminate.
- He backed allowing securities and non‑securities to trade together on licensed “super‑app” platforms overseen by the CFTC or state regulators, while confirming that tokenized traditional securities remain under SEC jurisdiction and that work continues alongside Congress on market‑structure legislation.