SEC Chair Paul Atkins said the commission will continue to develop rules for on-chain fundraising and tokenized securities under its existing authority, despite the Senate's rejection of the CLARITY Act by a 49–50 vote on September 15.
Speaking in Washington on September 29, Atkins outlined that the SEC and CFTC issued a joint interpretive release defining tokenized securities and other tokenized assets, clarifying which regulator oversees different digital financial products. The SEC has also proposed a rule for on-chain fundraising and an Innovation Exemption that would act as a controlled sandbox for tokenized securities.
Atkins stressed that tokenized securities should preserve the actual rights and privileges of underlying securities. He contrasted this with offshore products offering synthetic exposure without direct ownership rights. He did not directly address AMC CEO Adam Aron's concerns about tokenized stocks tracking share prices without governance rights, but said the SEC framework would require tokens to represent actual securities.
On stablecoins, Atkins said oversight falls outside the SEC’s remit and pointed to the GENIUS Act for anti-money laundering and sanctions safeguards. He made the comments when asked about Tether's USDT and its alleged use by Iran. Atkins also reported that 583 companies had gone public since he became chairman, raising about $208 billion, a 75% increase over the comparable prior period.
Separately, Atkins reflected on Commissioner Hester Peirce's departure, calling her a passionate advocate for digital asset innovation. Peirce, former head of the SEC's Crypto Task Force, was widely seen as a champion of clearer rules for crypto entrepreneurs. Her exit raises questions about the future direction of SEC digital asset policy.
