SEC Chairman Paul Atkins stated that the majority of cryptocurrencies do not fall under securities, reversing Gensler's policy and paving the way for 'Project Crypto'.
In a statement that shook the digital asset market, Chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins officially confirmed on July 31 that 'the majority of cryptocurrencies are not securities.' This move marks a complete reversal from the stance of his predecessor Gary Gensler, who had asserted that most cryptocurrencies fell under the purview of securities law.
Speaking at the America First Policy Institute, Mr. Atkins emphasized: 'Despite what the SEC has previously stated, the majority of cryptocurrencies are not securities.' This statement not only reflects a fundamental change in regulatory philosophy but also promises to usher in a new era for the blockchain industry in the U.S.
This shift in stance arises from the recognition that current regulatory frameworks have become outdated in the face of the rapid development of blockchain technology. For many years, cryptocurrency businesses have had to operate in legal limbo, uncertain whether their products would be classified as securities by the SEC.
Project Crypto: Specialized Legal Framework for the Digital Age
To realize this new vision, the SEC has officially launched 'Project Crypto' - a comprehensive initiative aimed at building a specialized legal framework for digital assets. This project will focus on clearly classifying asset types and issuing regulations suited to the unique characteristics of each cryptocurrency product.
Mr. Atkins has directed the departments within the SEC to propose 'tailored' mechanisms for cryptocurrency transactions that fall under securities law. Specifically, the SEC will consider disclosure mechanisms, exemptions, and safe harbor for forms such as initial coin offerings (ICO), airdrops, and network rewards.
Additionally, the regulator will also explore how to regulate the custody of digital assets, on-chain platforms, and tokenized financial instruments. The goal is to create a legal environment that encourages technological innovation in the U.S. rather than stifling it as before.
The impact of this decision has quickly spread throughout the cryptocurrency community. Many blockchain projects that had paused or moved abroad due to legal concerns are now considering returning to the U.S. market. Institutional investors are also showing more optimism about the prospects of participating in the digital asset sector.
However, legal experts warn that uncertainty has not been fully resolved. Attorney Bill Morgan commented: 'The SEC has shifted from stating that most cryptocurrencies are securities to asserting that the majority are not. But until there are clear laws classifying which are securities and which are not, uncertainty will remain.'
In fact, to establish a truly stable and predictable legal environment, the role of Congress remains crucial. Only with specific legislative action can the cryptocurrency industry develop sustainably in the long term. Nevertheless, Mr. Atkins' statement is still seen as a significant breakthrough, marking the beginning of a new chapter in the development of digital assets in the U.S.