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Chair of the United States Securities and Exchange Commission (SEC), Paul Atkins, is contemplating the establishment of a “token taxonomy” at the federal agency to clarify the categorization of certain crypto assets, as announced by the agency head on Wednesday.
SEC Chair Paul Atkins Considers Token Taxonomy
During his address at The Federal Reserve Bank of Philadelphia’s FinTech Conference on November 12, Atkins revealed that he is evaluating the development of a token taxonomy “anchored in the longstanding Howey investment contract securities analysis” as the subsequent phase of the SEC’s “Project Crypto” initiative.
I was honored to give the keynote at the @PhiladelphiaFed’s Ninth Annual Fintech Conference this morning. My remarks outlined the next steps in the @SECgov’s Project Crypto and what to expect in the coming months. pic.twitter.com/WI79ANJrfD
— Paul Atkins (@SECPaulSAtkins) November 12, 2025
Atkins emphasized that the taxonomy “aims to complement, not replace, Congress’s critical work,” while expressing his belief that the majority of crypto tokens are non-securities.
He stated that he considers digital commodities, digital collectibles, and digital tools as not being securities, whereas tokenized securities do qualify as such, as they “represent the ownership of a financial instrument enumerated in the definition of ‘security’ that is maintained on a crypto network.”
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“A reasonable Commission approach to crypto will not by itself decide the fate of the market—or of any particular project,” Atkins remarked. “Markets will do that.”
“However, it will help to ensure that the United States remains a place where individuals can experiment and learn, fail and succeed, under rules that are both firm and fair,” he added.
New Crypto Market Structure Draft Details SEC, CFTC Collaboration
Atkins’ remarks follow shortly after Senate Agriculture Committee Chairman John Boozman (R-AR) and Senator Cory Booker (D-NJ) unveiled their own discussion draft for crypto market structure legislation.
The draft specifically directs the SEC and the Commodity Futures Trading Commission (CFTC) to “collaborate on necessary inter-agency rulemakings.”
“As Congress works to expand authority for the commission to oversee the trading of digital assets that are commodities, it’s essential that we also ensure it has the tools, personnel, and resources necessary to carry out this new mission, along with its current responsibilities,” Boozman stated.
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