U.S. SEC Chair Paul Atkins reiterates most tokens are not securities

U.S. SEC Chair Paul Atkins has reiterated his view that most cryptocurrencies, including network tokens and memecoins, should not be treated as securities. He emphasized that a token should only be considered a security when there is an expectation of profit derived from the managerial efforts of a third party, adding that any such promise must be explicit and unambiguous. However, Atkins affirmed that token securities do fall under the SEC's regulatory jurisdiction. He also stated that the SEC will collaborate with Congress to enact cryptocurrency market structure legislation in the near future and will consider creating a token classification system based on the Howey Test within the next few months.