Key Takeaways:
- SEC Chair Atkins confirmed that an innovation exemption for onchain tokenized securities trading is coming within weeks in 2026.
- The SEC and CFTC’s joint token taxonomy guidance is already moving Asian markets, creating premiums on listed digital commodities.
- Senator Lummis expects a full Senate vote on the Digital Asset Market Clarity Act by June 2026, which Atkins called the only way to future-proof policy gains.
SEC Chair Atkins Outlines Reg Crypto Push
Paul Atkins, speaking in a sit-down interview with Perianne Boring, founder and CEO of the Chamber of Digital Commerce, described the agency’s prior posture toward digital assets as a failure. “At first, the SEC’s approach was like an ostrich with its head in the sand, thinking maybe this will all go away,” he said. “And then came the regulation through enforcement.”
That era, Atkins indicated, is over.
The chairman pointed to the SEC’s joint interpretive release with the CFTC as a key turning point. The release, issued earlier this year, applied the 1946 Supreme Court ruling in SEC v. Howey to digital assets, drawing a distinction between the token itself and the surrounding ecosystem of promises made to investors. “The investment contract wasn’t the orange itself, but the whole ecosystem of promises that Mr. Howey made to his investors,” Atkins remarked.
The SEC and CFTC also jointly released token taxonomy guidance at the D.C. Blockchain Summit in April 2026, listing tokens that the SEC considers digital commodities. The release has since drawn price premiums in Asian markets, raising questions from participants about tokens not on the list. Atkins said the guidance is principles-based and not meant as a fixed list. “It’s not about the orange itself, but about the promises around it,” he explained.
Looking ahead, Atkins said the agency plans to release an innovation exemption within weeks that would allow firms to build and trade securitized tokens onchain inside the United States. The SEC is also preparing a framework called Reg Crypto, which would allow fundraising through token sales onchain.
The chairman credited the GENIUS Act, signed into law earlier this year, as the first time the federal government formally recognized stablecoins as a category of digital asset. “The United States, for the first time, recognized the whole genre of digital assets,” Atkins said.
Boring raised a concern shared by many in the industry: What happens to this policy direction if a future administration reverses course? Atkins acknowledged the limits of executive action. “Nothing future-proofs things like a statute,” he said, pointing to the pending Digital Asset Market Clarity Act moving through Congress. Senator Cynthia Lummis, who appeared earlier at the conference, said she expects a Senate vote by June 2026.
When the conversation turned to tokenized equities, Atkins offered his clearest statement of ambition. “The blockchain, the distributed ledger technology, is the most exciting aspect about all this,” he said. He described T+0 settlement as a way to eliminate the risk that builds between the transaction and clearance. “Every second that you have a difference between the transaction time and the clearance and settlement is a risk that the investor and both parties bear,” he told the crowd.
Atkins said incumbent players, including traditional exchanges, are welcome in that future. “We want to let all these different flowers bloom,” he said. The appearance marked the first time a sitting SEC chairman has spoken at the Bitcoin conference.
