According to the source, Paul S. Atkins reportedly outlined which crypto tokens he views as securities, a determination guided by the Howey test and the SEC’s digital asset framework; traders should ground decisions in official SEC guidance and court records rather than commentary. source: user-provided social post; SEC FinHub Framework for Investment Contract Analysis of Digital Assets, 2019; SEC v. W.J. Howey Co., 1946 Tokens already alleged by the SEC to be unregistered securities include SOL, ADA, and MATIC, among others, in its complaints against Binance and Coinbase, which is directly relevant for listing and liquidity risk. source: U.S. SEC v. Binance Holdings Ltd., No. 1:23-cv-01599, filed June 5, 2023; U.S. SEC v. Coinbase, Inc., No. 1:23-cv-04738, filed June 6, 2023 Such allegations have preceded U.S. platform support changes and delistings, which can fragment liquidity and widen spreads for the named tokens. source: Robinhood Markets asset support update announcing end of support for SOL, ADA, MATIC in June 2023; SEC complaints cited above Court outcomes remain mixed, as seen in SEC v. Ripple where institutional XRP sales were deemed securities offerings while programmatic exchange sales were not, creating token-specific precedents that affect venue risk and secondary-market exposure. source: SEC v. Ripple Labs Inc., No. 1:20-cv-10832, summary judgment issued July 13, 2023 Notably, BTC and ETH were not alleged as securities in the 2023 SEC complaints against Binance and Coinbase, so traders often evaluate BTC and ETH pairs as alternative risk venues during altcoin regulatory headlines. source: U.S. SEC v. Binance Holdings Ltd., June 5, 2023; U.S. SEC v. Coinbase, Inc., June 6, 2023