Crypto investors have long struggled with how digital assets are classified under U.S. law—especially following years of enforcement-driven oversight under former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who repeatedly stated that most crypto assets were securities. That interpretation dominated regulatory action across the industry.

However, in a major reversal, SEC Chair Paul S. Atkins stated on July 31, at the America First Policy Institute:

Despite what the SEC has said in the past, most crypto assets are not securities.

The declaration marks a substantial shift in regulatory posture and introduces a framework designed to support domestic blockchain innovation.

Atkins used the announcement to launch “Project Crypto,” a Commission-wide initiative aimed at updating regulatory guidance for digital assets. Acknowledging that current frameworks are outdated, he outlined plans to provide clear asset classifications and rulemaking tailored to crypto products. For those assets that do fall under securities laws, Atkins emphasized a custom-fit approach: “For those crypto asset transactions that are subject to the securities laws, I have asked staff to propose purpose-fit disclosures, exemptions, and safe harbors, including for so-called ‘initial coin offerings,’ ‘airdrops,’ and network rewards.”

The SEC will also consider how to regulate custody, on-chain platforms, and tokenized financial instruments in a manner that encourages U.S.-based innovation.

Still, some legal experts caution that uncertainty persists in the absence of congressional action. Commenting on the shift, attorney Bill Morgan noted:

The SEC has gone from most cryptos are securities to most are not. Until there is legislation classifying which ones are and are not securities and rules about the crypto asset securities there will continue to be uncertainty.

While advocates welcome the SEC’s change in tone, they emphasize that statutory clarity remains essential to achieving a durable and predictable regulatory environment.

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