SEC Chair Paul Atkins announced a strategic shift in digital asset regulation during a Thursday speech at the Practising Law Institute. The agency’s new interpretative notice-released Tuesday-declares most cryptocurrencies are not securities under federal law.
Atkins stated the interpretation is 'a beginning, not an end.' Only one category remains subject to SEC jurisdiction: tokenized traditional securities. Digital commodities, NFTs, stablecoins, and digital tools fall outside its purview.
The SEC will defer to Congress’s market structure bill-the CLARITY Act-if passed. But with Senate Banking Committee markup stalled over stablecoin yield provisions, the agency’s interpretation serves as an interim regulatory bridge.