‘Very few security tokens’

The US Securities and Exchange Commission (SEC) chair Paul Atkins has suggested only a fraction of crypto tokens should be considered security, as part of the agency’s change in what makes a security under its Purview.

Speaking from Wyoming Blockchain Symposium to Jackson Hole on Tuesday, Atkins discussed How is the SEC’s “Project Crypto” initiative Establish policies in digital possessions It may affect how the agency addresses companies that are moving forward. He signed that the SEC would take its own path, as members of Congress consider bills to promote market structure.

“We can’t look at (tokens) on their own as required to be a security,” Atkins said, and added:

“From the SEC point of view, let’s play and this idea that the token itself is not necessary security, and maybe not. A little, in my mind, token security, but depends on what the package around it is and how it is sold.”

Atkins’ statements represent a strong change from former SEC chairman Gary Gensler, who said the “majority” of crypto assets are security under the SEC standard of Howey Test.

Gensler resigned from the SEC in January the day President Donald Trump swore in office, leading Commissioner Mark Uyeda who was the agency’s chairman until Atkins’ confirmation.

Related: Crypto Biz: Is Project’s Project Crypto Price?

Awaiting ‘clear road policies’ from Congress

While Atkins, as chairman, may have the authority to interpret the SEC’s policies and guidelines, including those who cover digital ownership, members of Congress are planning to pass a new law to establish a crypto market structure in September.

The US House of Representative passed the Digital Asset Market Clarity (CLARITY) Act in July, and leaders told the Senate Banking Committee Pass their version of market structure.