In opening remarks at the Digital Asset Summit 2026, U.S. Securities and Exchange Commission Chairman Paul S. Atkins, speaking in his personal capacity, highlighted the SEC’s recent publication of a token taxonomy and an interpretation of the Howey test aimed at clarifying when a crypto asset implicates the federal securities laws. Atkins said the framework draws the outer bounds of the SEC’s jurisdiction by clarifying the contours of an “investment contract” and distinguishing five categories of digital assets, four of which the SEC views as not securities. He also pointed to early work to “chart a path of compliance” for entrepreneurs, focused on when crypto asset fundraising triggers federal securities-law requirements. He described the SEC’s interpretation as a foundation rather than an endpoint and argued that only Congress can “future-proof” digital asset regulation through comprehensive market structure legislation.
U.S. Securities & Exchange Commission 2026-03-24
U.S. Securities and Exchange Commission chair Paul Atkins highlights token taxonomy and Howey interpretation distinguishing five digital asset categories
SEC Chairman Paul S. Atkins, at the Digital Asset Summit 2026, discussed the SEC's token taxonomy and Howey test interpretation to clarify when crypto assets fall under federal securities laws. The framework defines "investment contract" and categorizes digital assets, with four out of five categories viewed as not securities. Atkins emphasized the need for Congress to enact comprehensive legislation to future-proof digital asset regulation.