PANews reported on November 12th that, according to The Block, SEC Chairman Paul Atkins announced at the Philadelphia Fed Fintech Conference that the SEC will launch a new regulatory framework called "Token Taxonomy," aimed at redefining when crypto assets are considered securities. Atkins stated that the framework will be based on the 1946 Howey Test to distinguish the legal attributes of tokens at different stages. He noted, "Cryptocurrencies may initially constitute investment contracts, but not forever—as the network matures, the code is completed, and the issuer exits, the token will no longer depend on the issuer's efforts."

Atkins pointed out that most crypto tokens are not securities, and proposed two main principles: first, the asset nature does not change due to being on-chain; second, economic substance is more important than the label—if a token represents an expected profit based on the management efforts of others, it is still a security. The preliminary classification includes: network tokens, NFTs, and digital instrument tokens are not securities, while tokenized stocks and bonds are. He stated that tokens may shed their security attributes as the network matures, and non-security tokens may be traded on CFTC or state regulatory platforms in the future. Atkins emphasized that the SEC will align with congressional legislation and continue to crack down on fraudulent activities, "not letting fear of the future trap us in the past."