SEC Chair Atkins Proposes Four Non-Security Crypto Categories and Three Fundraising Exemptions

SEC Chair Paul Atkins said four crypto asset categories—digital goods, digital collectibles, digital tools, and payment stablecoins under the GENIUS Act—would not be treated as securities under a new token classification framework, according to his speech compiled by Deep潮 TechFlow. He outlined three compliant fundraising paths for U.S. crypto entrepreneurs: a "startup exemption" lasting up to four years with a suggested $5 million cap, a "financing exemption" with a potential $75 million cap in any 12-month period, and an "investment contract safe harbor" exempting certain assets once core management activities are completed or halted. Atkins said crypto assets may still fall under federal securities laws when issued as part of an investment contract, and noted the committee expects to release proposed rules for public comment in the coming weeks.