Paul Atkins of U.S. SEC: "Most Crypto Assets Are Not Securities... Only Some Subject to Securities Laws"

SEC and CFTC Issue Joint Interpretive Guidelines
"Only Digital Securities Are Subject to Securities Laws"
Digital Commodities and Stablecoins Not Included

Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC). Photo by Reuters Yonhap News

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have officially shifted their stance toward "regulatory easing" for the crypto asset market by releasing new guidelines stating that most crypto assets are not considered "securities."

On March 17 (local time), the SEC and CFTC jointly announced interpretive guidance on crypto assets, outlining more specific criteria for the application of federal securities laws.

Paul Atkins, Chairman of the SEC, stated, "We do not consider four types of assets—digital commodities, digital collectibles, digital tools, and payment stablecoins—to be securities." He further explained, "The only assets subject to securities law are digital securities, which are tokenized versions of traditional securities."

However, the SEC clarified that if a crypto asset is issued in the form of an investment contract that creates an expectation of profit, it may be considered a security. Additionally, the commission noted that if the issuer’s commitments are fulfilled or terminated, the asset’s status as a security could also lapse.

Chairman Atkins added, "A core principle of our interpretation is that project teams must clearly disclose the statements or promises they make. This enables investors to fully understand the rights they are acquiring."

Chairman Atkins, who was appointed by President Donald Trump, also emphasized, "This interpretation acknowledges a fact that previous administrations did not recognize—that most crypto assets themselves are not securities." Previously, during the Biden administration, former SEC Chairman Gary Gensler regarded most crypto assets as securities and pursued stricter regulations.

Michael Sellick, Commissioner of the CFTC, commented, "Clear standards that the market has long awaited have now been set," adding, "We will foster an environment in which the crypto asset industry can grow in the United States."

According to global crypto asset market site CoinMarketCap, as of 6:29 a.m. Korea Standard Time on March 18, Bitcoin was trading at $74,612.09, up 0.49% from 24 hours earlier. This represents a 6.6% increase from a week ago and an 8.51% rise from a month ago, but an 11.21% decline compared to a year earlier.

This content was produced with the assistance of AI translation services.