SEC Chair Paul Atkins suggested that most initial coin offerings (ICOs) for certain token types fall outside the SEC’s purview as non‑securities transactions, falling instead under U.S. Commodities and Futures Trading Commission (CFTC) jurisdiction.

Atkins’ statements came at the Blockchain Association’s annual policy summit, in response to a question from Decrypt.

He referenced his token taxonomy with four categories: network tokens, digital collectibles, digital tools, and tokenized securities.

“ICOs transcend all four topics. Three of those areas are on the CFTC side, so we’ll let them worry about that, and we’ll focus on tokenized securities,” he said.

His remarks reflect the SEC’s shift toward clearer rulemaking under the Project Crypto initiative, which launched in early 2025. Updated guidance signaled plans for exemptions and safe harbors for compliant ICOs, airdrops, and network rewards.