Overview
- Chair Paul Atkins said the Commission will consider a framework that classifies digital assets into network tokens, digital collectibles, digital tools, and tokenized securities.
- Under the approach, most network tokens, collectibles, and digital tools would not be treated as securities, while tokenized securities would remain under SEC oversight.
- Atkins emphasized that tokens sold via investment contracts can lose securities status once issuer promises are fulfilled, fail, or terminate.
- He asked staff to propose a package of exemptions and a tailored offering regime, including options for trading some assets on multi-asset “super-app” platforms overseen by the CFTC or state regulators.
- The plan builds on Project Crypto outreach and will proceed alongside congressional market-structure efforts as the SEC maintains enforcement against fraud.