Securities and Exchange Commission chairman Paul Atkins on Thursday took a cryptocurrency-friendly stance in a debate over securities, announcing “Project Crypto.”

The SEC is currently deciding whether to classify crypto as commodities, like gold or silver, or securities, like stocks. Atkins in a speech signaled that most cryptocurrencies will not be deemed as securities, and therefore will be subject to fewer regulations.

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Crypto advocates generally favor tokens to be classified as commodities, as securities are subject to disclosure and registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. Other issuers can prefer the flexibility that securities laws afford, while investors would enjoy voting rights, the opportunity to earn distributions, and other securities benefits.

Atkins also said that Project Crypto “will be the SEC’s north star in aiding President Trump in his historic efforts to make America the ‘crypto capital of the world.'” As part of the effort, the SEC will work to develop clear guidelines that will allow market participants to determine whether a crypto asset is a security or subject to an investment contract.

“Our goal is to help market participants to slot crypto assets into categories, such as digital collectibles, digital commodities, or stablecoins, and assess the economic realities of a transaction,” Atkins said. “This approach can allow market participants to determine, based upon clear guidelines, whether any outstanding promises or commitments of the issuer cause the crypto asset to be subject to an investment contract.”

“In addition, it should not be a scarlet letter to be deemed a security. We need a regulatory framework for crypto asset securities that allows these products to flourish within American markets,” he said.

Atkins was one of several pro-crypto picks by Trump, the others being Howard Lutnick for Secretary of Commerce, Scott Bessent for Treasury Secretary, and “crypto tsar” David Sacks.

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Concluding his Thursday speech, Atkins voiced openness to crypto advocates’ opinions and suggestions, and concluded with a note of optimism.

“From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward,” he said. “After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America.”