SEC Chairman Paul Atkins recently expressed important views on the regulation of crypto assets. He pointed out that not all ICOs should be included under securities trading regulation. What does this viewpoint imply? According to the token classification scheme proposed by Atkins, the issuance of network tokens, digital collectibles, and functional utility tokens (i.e., corresponding ICOs) should be overseen by the Commodity Futures Trading Commission (CFTC), rather than the SEC intervening. The introduction of this framework provides a clearer regulatory boundary for the industry — helping market participants better understand the rules that different types of crypto assets should follow. It also reflects the gradual improvement of U.S. regulatory authorities' approach to classifying and regulating Web3 assets.