SEC Chair Paul Atkins said the agency’s new crypto legal interpretation is only the beginning of a broader regulatory shift away from an enforcement-first approach. The SEC said Tuesday that most cryptocurrencies likely are not securities under federal law, while tokenized traditional securities remain subject to existing securities rules. The update adds to Atkins’ previously outlined crypto safe harbor proposal with three exemption paths, which he said was designed to reduce pressure on crypto firms while keeping them under federal oversight. Atkins had also said the framework included a 12-month fundraising cap of $75 million and that proposed SEC rules would be released for public comment in the coming weeks.