U.S. SEC chairman "Majority of tokens are not securities… explicit promise required to be considered securities"

U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins reaffirmed once again that "most virtual asset (cryptocurrency) tokens are not securities."

On the 12th (local time), according to crypto-focused media Decrypt, Chairman Atkins said, "Most virtual assets, including network tokens and memecoins, should not be considered securities unless one expects profit from the managerial efforts of a third party."

He also explained that "for a token to be classified as a security, there must be an explicit and unambiguous promise," and that many tokens in the current market do not meet these conditions.

These remarks suggest a stance toward regulatory easing within the SEC and are in line with the recent announcement that the commission will simplify the approval process for virtual asset exchange-traded funds (ETFs).