SEC Chair Paul Atkins today reaffirmed his position: most network tokens, NFTs, and utility tokens do not satisfy the Howey test and are not securities under U.S. law.

He stated that the SEC’s Project Crypto task force is drafting formal guidance with a target completion date of early 2026. The objective is to establish clear jurisdictional boundaries, shifting non-security tokens to CFTC oversight where appropriate and removing the accreditation requirement for genuine network launches.

This is the clearest signal yet that the 2018–2024 enforcement regime is ending. Domestic token sales that were effectively shut down for eight years are coming back online.

Policy risk is being removed faster than most expected. Capital formation will follow.