The US Securities and Exchange Commission has clarified that nonfungible tokens are generally not considered securities, placing them in a category of digital collectibles.
SEC Chair Paul Atkins said NFTs typically function like physical collectibles rather than investment contracts, which are the defining feature of securities under US law.
The agency outlined four categories of digital assets that usually fall outside securities rules, including digital commodities, tools, collectibles such as NFTs, and stablecoins.
“Some of these collectibles, like a baseball card, a meme or one of those memecoins, NFTs — those are something that somebody buys,”
Said Atkins in an interview with CNBC.
He emphasised that classification still depends on the specific structure of each asset, noting that some digital products could still be treated as securities depending on how they are marketed or used.
The clarification reflects a broader shift in the SEC’s approach, moving away from enforcement-led regulation toward clearer guidance for the crypto industry.
Atkins said the agency is aiming to create a more predictable framework for digital assets, after previously relying heavily on enforcement actions.
He also highlighted tokenisation as a key innovation, arguing that regulatory support could help the US regain competitiveness in the global crypto market.
The new stance signals a more crypto-friendly regulatory environment, though uncertainty remains around how specific projects will be classified under evolving rules.