Daniel Stabile Discusses SEC Chair's "Token Taxonomy"  Remarks with Bloomberg News

Winston & Strawn partner Daniel Stabile was quoted in a Bloomberg News article discussing Securities and Exchange Commission (SEC) Chair Paul Atkins’ remarks stating that many categories of digital assets are not securities. In the statement, Atkins proposes a new “token taxonomy”, moving towards a system that categorizes certain types of digital assets. 

The United States has already passed the GENIUS Act, which provides  certain dollar-pegged payment tokens are not securities and creates a special license for their issuers, and had advanced market structure legislation, which would define when a digital asset is a commodity rather than a security.

“The speech is a rebuke of the commission’s approach to digital assets during the Gensler era,” said Daniel, referring to Atkins’ predecessor Gary Gensler. It “will be celebrated by the industry as another step toward regulatory clarity,” though Daniel noted that creating a taxonomy is fraught with risk.

Read the full article (subscription required).