Only a few cryptocurrencies are considered securities, said SEC Chairman Paul Atkins at a symposium in Wyoming.
"In my view, there are very few tokens that are securities, but it all depends on the terms of their offer and sale," said the head of the regulator.
His words contrast with the opinion of former SEC Chairman Gary Gensler, who believed that most digital assets are securities under the Howey test. Only Bitcoin and Ethereum do not fall under such interpretation, he said.
Atkins' statement on the classification of cryptocurrencies followed the launch of the Project Crypto initiative. It aims to modernize securities laws and integrate American financial markets with blockchain.
"A new day is dawning, especially for the crypto industry. We are for innovation. Now we want to embrace innovation," the Chairman of the Commission also noted.
After the symposium, Atkins wrote that the agency "must create a regulatory framework that will protect the crypto market from the arbitrariness of regulators in the future."
"I look forward to working with my colleagues in the administration and Congress to accomplish this task," he added.
Previously, Bernstein analysts called the initiative "the boldest and most transformative vision of digital assets."
Bitwise's head of investments, Matt Hougan, saw it as a roadmap for investors for the next five years.
"The most optimistic document about cryptocurrency that I have read was not written by some random expert at X. It was authored by the SEC Chairman," he commented on Project Crypto.
Recall that in August, after the conclusion of the litigation between the Commission and Ripple, Atkins promised to focus on developing clear rules for the crypto industry.
