The SEC gets tougher on cryptos while Congress tears itself apart

Since the arrival of Paul S. Atkins at the head of the SEC, the crypto industry has been hoping for a gentle shift. No more Gensler steamroller, make way for an era of listening, validated ETFs, and more flexible regulation. The crypto market had already released the champagne. But Atkins' speech in Philadelphia calmed the enthusiasm. A page seems to have been turned, yes. But it's not what we thought. Atkins has no intention of giving up. This change in tone is above all a refocusing of the regulator on clarity… not on leniency.

Token, not token: when the SEC takes out the regulatory calculator

Appointed last April, Paul Atkins did not announce a revolution, but a regulatory spring cleaning. No more ambiguity. The SEC now wants to classify crypto assets by families. A “token taxonomy” is on the way. Objective ? Distinguish investments from simple uses.

In his speech of November 12the president of the SEC ruled:

I believe that most crypto tokens traded today are not financial securities themselves. Of course, it is possible that a particular token was sold as part of an investment contract during a securities offering.

The message is clear: it is not the object that counts, but the initial commitment. Once the promises are kept (or forgotten), the token may cease to be a financial security. An idea that could revolutionize the perception of projects like Ethereum or Solana, whose tokens have become autonomous.

The SEC thus introduces four main families: “digital tools”, “collectibles”, “utilities”, and finally “tokenized securities” – the latter remaining under strict supervision. But for others, everything will depend on the context. This is where vagueness can become judge again.

A Congress in apnea: the crypto market between debates and blockages

While the SEC clarifies its positionCongress is bogged down. The crypto market structure bill is being debated, and the halls of the Capitol are resounding with questions more than answers. Who should supervise what: the SEC or the CFTC? Where does the competence of one end and that of the other begin?

In the midst of government paralysis, Senate Republicans published a draft text. A draft, still vague, which leaves some market players skeptical. Paul Atkins himself took a stand:

Our goal is not to expand the SEC's jurisdiction for the sake of it, but to allow capital formation to flourish while ensuring investor protection.

The crypto industry observes this legislative cacophony with concern. Without clear coordination between regulators, entrepreneurs are moving forward blindly. Even exchange platforms are hesitant to innovate on American soil.

Crypto in exile: when regulatory vagueness pushes to exodus

An uncertain climate attracts neither capital nor ideas. While the SEC adjusts its compass, many crypto projects are choosing exile. Where the rule is clear, even demanding, trust follows. Singapore, Dubai, Paris are becoming the new playgrounds for crypto tech. The United States risks becoming a secondary stopover.

The “Project Crypto” project initiated by the SEC wants to stop this leak. Exemptions are being considered. Atkins also mentions the idea of ​​hybrid platforms, “super-apps” bringing together securities and tokens. But nothing is ready. And the market is not waiting.

Some pointers to help you follow better:

• November 12, 2025: date of Atkins' official speech in Philadelphia;
• The SEC now distinguishes 4 types of tokens according to their use;
• A version of the Market Structure Bill has been circulating in the Senate since early November;
• More than 100 consultation meetings were held by the SEC;
• Several crypto projects are talking about a departure abroad, due to lack of clarity in the USA.

Another thunderbolt could come from the Commodity Futures Trading Commission (CFTC): after the failure of Brian Quintenz's candidacy, the government proposed Michael Selig, a pro-crypto lawyer, for the presidency of the agency. An appointment that could redistribute the cards of the American crypto market, and shift the balance of power between regulators.