{"id":16449,"date":"2025-12-10T12:00:49","date_gmt":"2025-12-10T12:00:49","guid":{"rendered":"https:\/\/icobench.com\/fr\/?p=16449"},"modified":"2025-12-10T11:46:59","modified_gmt":"2025-12-10T11:46:59","slug":"paul-atkins-ico-pas-valeurs-mobilieres","status":"publish","type":"post","link":"https:\/\/icobench.com\/fr\/news\/paul-atkins-ico-pas-valeurs-mobilieres\/","title":{"rendered":"Paul Atkins : Les ICO ne devraient pas \u00eatre consid\u00e9r\u00e9es comme des valeurs mobili\u00e8res"},"content":{"rendered":"<p>Le patron de la SEC am\u00e9ricaine, Paul Atkins, vient de prendre \u00e0 contre-pied des ann\u00e9es de doctrine restrictive sur les cryptos. Selon lui, <strong>la plupart des ICO ne devraient plus \u00eatre trait\u00e9es comme des valeurs mobili\u00e8res<\/strong>, ce qui ouvrirait la voie \u00e0 un retour encadr\u00e9 de ce mode de financement aux \u00c9tats-Unis.<\/p>\n<h2><span id=\"pourquoi_paul_atkins_veut-il_sortir_la_plupart_des_ico_du_perimetre_de_la_sec\">Pourquoi Paul Atkins veut-il sortir la plupart des ICO du p\u00e9rim\u00e8tre de la SEC ?<\/span><\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">SEC Chair Paul Atkins said that many types of ICOs should not be considered securities and thus fall outside the SEC\u2019s jurisdiction. He said that network tokens, digital collectibles, and digital tools\u2014and ICOs tied to those categories\u2014should instead fall under the CFTC, leaving\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1998528634680910124?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">December 9, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Lors d\u2019un r\u00e9cent sommet politique consacr\u00e9 aux cryptos, <a href=\"https:\/\/x.com\/SECPaulSAtkins\" target=\"_blank\" rel=\"noopener noreferrer\">Paul Atkins<\/a> a d\u00e9taill\u00e9 une nouvelle \u00ab taxonomie des tokens \u00bb. Il y distingue quatre grandes cat\u00e9gories : les network tokens, les collectibles num\u00e9riques, les outils digitaux et les valeurs mobili\u00e8res tokenis\u00e9es. Selon lui, seules ces derni\u00e8res <strong>rel\u00e8vent clairement du champ de la SEC<\/strong>, car elles repr\u00e9sentent des actions ou obligations d\u00e9j\u00e0 soumises au droit boursier.<\/p>\n<p>En revanche, Atkins consid\u00e8re que les ICO li\u00e9es \u00e0 des tokens de r\u00e9seau, \u00e0 des objets de collection num\u00e9riques ou \u00e0 des outils d\u2019acc\u00e8s \u00e0 un service ne constituent pas, en soi, des offres de titres financiers. Ces \u00e9missions devraient donc \u00e9chapper \u00e0 la supervision directe de la SEC. Elles basculeraient plut\u00f4t <strong>sous l\u2019ombrelle de <a href=\"https:\/\/icobench.com\/fr\/news\/trump-confier-cftc-figure-pro-crypto\/\" rel=\"\">la CFTC<\/a><\/strong>, r\u00e9gulateur des march\u00e9s de d\u00e9riv\u00e9s et de mati\u00e8res premi\u00e8res, r\u00e9put\u00e9 plus souple avec les actifs num\u00e9riques.<\/p>\n<p>Ce changement marque une rupture nette avec la p\u00e9riode pr\u00e9c\u00e9dente, o\u00f9 l\u2019on r\u00e9p\u00e9tait que \u00ab la plupart des tokens sont des securities \u00bb. Atkins affirme vouloir <strong>revenir \u00e0 une lecture plus stricte du droit existant<\/strong>, en r\u00e9servant la qualification de valeur mobili\u00e8re aux cas o\u00f9 l\u2019investisseur s\u2019en remet clairement aux efforts d\u2019une \u00e9quipe pour esp\u00e9rer un gain.<\/p>\n<h2><span id=\"quest-ce_que_cela_pourrait_changer_pour_les_ico_et_le_marche_americain\">Qu\u2019est-ce que cela pourrait changer pour les ICO et le march\u00e9 am\u00e9ricain ?<\/span><\/h2>\n<p>Si cette ligne se confirme dans la pratique, elle pourrait <strong>relancer les ICO aux \u00c9tats-Unis<\/strong>, m\u00eame avant l\u2019adoption d\u2019une grande loi sur la structure du march\u00e9 crypto. Des projets pourraient lever des fonds aupr\u00e8s du public tout en restant hors du champ de la SEC, \u00e0 condition d\u2019entrer dans l\u2019une des cat\u00e9gories jug\u00e9es \u00ab non-securities \u00bb par la nouvelle taxonomie.<\/p>\n<p>Dans les faits, cela donnerait aussi plus de poids \u00e0 la CFTC. De nombreuses \u00e9missions de tokens se retrouveraient sous sa supervision, avec des exigences de conformit\u00e9, mais un ton moins r\u00e9pressif que par le pass\u00e9. Pour les entreprises am\u00e9ricaines, l\u2019enjeu est majeur. Elles pourraient \u00e0 nouveau envisager <strong>des lev\u00e9es on-chain<\/strong> sur leur propre march\u00e9, au lieu de migrer vers l\u2019Europe ou l\u2019Asie pour contourner le risque juridique.<\/p>\n<p>Cependant, ce virage ne supprime pas les risques pour les investisseurs. Un changement d\u2019interpr\u00e9tation ne transforme pas une ICO risqu\u00e9e en placement sans danger. Il modifie surtout <strong>qui surveille quoi<\/strong>, et avec quelle intensit\u00e9. Les tribunaux, eux, resteront libres d\u2019appliquer ou non cette vision en cas de litige.<\/p>\n<h2><span id=\"comment_les_investisseurs_doivent-ils_interpreter_ce_tournant_sur_les_ico\">Comment les investisseurs doivent-ils interpr\u00e9ter ce tournant sur les ICO ?<\/span><\/h2>\n<p>Pour les particuliers, la premi\u00e8re tentation serait d\u2019y voir un feu vert. Si le r\u00e9gulateur assouplit sa position, pourquoi ne pas revenir massivement sur <a href=\"https:\/\/icobench.com\/fr\/news\/pepenode-ico-mine-to-earn-x100\/\" rel=\"\">les ICO<\/a> ? Pourtant, la prudence reste de mise. L\u2019histoire de 2017 rappelle que beaucoup de projets tr\u00e8s m\u00e9diatis\u00e9s ont disparu ou <strong>n\u2019ont jamais tenu leurs promesses<\/strong>, m\u00eame sans probl\u00e8me r\u00e9glementaire.<\/p>\n<p>Il faut aussi garder en t\u00eate que la <strong>qualification juridique d\u2019un token peut \u00e9voluer<\/strong>. Un projet qui commence comme un simple outil d\u2019acc\u00e8s peut, avec le temps, se rapprocher d\u2019un sch\u00e9ma de valeur mobili\u00e8re s\u2019il promet des revenus, des buybacks organis\u00e9s ou un droit aux b\u00e9n\u00e9fices. Les propos d\u2019Atkins donnent une direction, mais ne couvrent pas tous les cas de figure.<\/p>\n<p>En r\u00e9alit\u00e9, cette nouvelle approche profite surtout aux projets s\u00e9rieux, capables de documenter leur utilit\u00e9 et leur degr\u00e9 de d\u00e9centralisation. Elle r\u00e9duit le risque de voir la SEC qualifier automatiquement chaque <strong>lev\u00e9e de fonds en tokens<\/strong> comme une offre de titres ill\u00e9gale. Mais elle ne remplace ni l\u2019analyse fondamentale, ni la gestion du risque de portefeuille pour les investisseurs.<\/p>\n<h2><span id=\"subbd_peut-il_profiter_dun_cadre_plus_favorable_aux_tokens_utilitaires\">SUBBD peut-il profiter d\u2019un cadre plus favorable aux tokens utilitaires ?<\/span><\/h2>\n<p>\u00a0<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-16459 size-full\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942.png\" alt=\"Paul Atkins : Les ICO ne devraient pas \u00eatre consid\u00e9r\u00e9es comme des valeurs mobili\u00e8res\" width=\"1901\" height=\"905\" srcset=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942.png 1901w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942-300x143.png 300w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942-1024x487.png 1024w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942-768x366.png 768w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942-130x63.png 130w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942-1536x731.png 1536w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/12\/Capture-decran-2025-12-10-123942-1568x746.png 1568w\" sizes=\"(max-width: 1901px) 100vw, 1901px\"><\/p>\n<p>Dans ce contexte, des projets pr\u00e9sent\u00e9s comme des <strong>tokens utilitaires<\/strong> cherchent \u00e0 se positionner. C\u2019est le cas de <strong>SUBBD<\/strong>, un \u00e9cosyst\u00e8me qui combine IA, plateforme de cr\u00e9ateurs et mod\u00e8le d\u2019abonnement tokenis\u00e9. Selon son whitepaper, SUBBD vise \u00e0 <strong>r\u00e9inventer la relation entre cr\u00e9ateurs et fans<\/strong>, en utilisant le <a href=\"https:\/\/icobench.com\/fr\/visit\/subbd\" target=\"_blank\" rel=\"noopener nofollow\">token $SUBBD<\/a> comme monnaie interne pour les paiements, l\u2019acc\u00e8s \u00e0 du contenu exclusif et l\u2019activation d\u2019outils IA.<\/p>\n<p>La plateforme se d\u00e9crit comme une infrastructure Web3 pour la cr\u00e9ation de contenu. Les cr\u00e9ateurs peuvent y lancer des abonnements, proposer des exp\u00e9riences personnalis\u00e9es, mon\u00e9tiser des interactions et s\u2019appuyer sur des <strong>assistants IA d\u00e9di\u00e9s<\/strong> pour produire plus efficacement. Le token sert alors \u00e0 d\u00e9bloquer des fonctionnalit\u00e9s, \u00e0 acc\u00e9der \u00e0 des espaces premium et \u00e0 r\u00e9compenser l\u2019engagement. Il joue aussi un r\u00f4le dans la gouvernance de l\u2019\u00e9cosyst\u00e8me et dans certaines m\u00e9caniques de staking.<\/p>\n<p>Dans un environnement o\u00f9 la SEC distinguerait plus clairement les <strong>tokens d\u2019utilit\u00e9<\/strong> des v\u00e9ritables valeurs mobili\u00e8res, un projet comme SUBBD aurait int\u00e9r\u00eat \u00e0 documenter pr\u00e9cis\u00e9ment cette dimension fonctionnelle. L\u2019enjeu consisterait \u00e0 montrer que le token sert d\u2019abord \u00e0 consommer un service, IA et contenu, plut\u00f4t qu\u2019\u00e0 promettre un rendement financier. Cela ne supprime pas le caract\u00e8re sp\u00e9culatif du token, mais cela place le d\u00e9bat sur le terrain de l\u2019usage r\u00e9el, ce qui correspond exactement au type de nuance que Paul Atkins souhaite introduire.<\/p>\n<div style=\"background: #00DBC1;margin: auto;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#00DBC1,#00E676);color: white;font-size: 16px\"><a style=\"text-decoration: none;color: white\" href=\"https:\/\/icobench.com\/fr\/visit\/subbd\" target=\"_blank\" rel=\"noopener nofollow\">Acheter SUBBD<\/a><\/div>\n<p style=\"text-align: center\"><em>Les crypto-actifs repr\u00e9sentent un investissement risqu\u00e9.<\/em><\/p>\n<hr>\n<p class=\"disclaimer-rw\"><em>Cet article ne repr\u00e9sente en aucun cas un conseil en investissement. Les informations fournies ici ne doivent pas \u00eatre utilis\u00e9es comme base pour prendre des d\u00e9cisions financi\u00e8res. Les investissements en crypto-monnaie comportent des risques et peuvent entra\u00eener des pertes importantes. Il convient d\u2019investir uniquement ce que vous pouvez vous permettre de perdre et d\u2019effectuer vos propres recherches avant toute d\u00e9cision d\u2019investissement.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le patron de la SEC am\u00e9ricaine, Paul Atkins, vient de prendre \u00e0 contre-pied des ann\u00e9es de doctrine restrictive sur&#8230;<\/p>\n","protected":false},"author":245,"featured_media":16456,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-16449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paul Atkins : Les ICO ne devraient pas \u00eatre consid\u00e9r\u00e9es comme des valeurs mobili\u00e8res<\/title>\n<meta name=\"description\" content=\"Paul Atkins estime que la plupart des ICO ne sont pas des valeurs mobili\u00e8res, ce qui pourrait relancer ce mode de financement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icobench.com\/fr\/news\/paul-atkins-ico-pas-valeurs-mobilieres\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paul Atkins : Les ICO ne devraient pas \u00eatre consid\u00e9r\u00e9es comme des valeurs mobili\u00e8res\" \/>\n<meta property=\"og:description\" content=\"Paul Atkins estime que la plupart des ICO ne sont pas des valeurs mobili\u00e8res, ce qui pourrait relancer ce mode de financement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/icobench.com\/fr\/news\/paul-atkins-ico-pas-valeurs-mobilieres\/\" \/>\n<meta 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Curieux et tourn\u00e9 vers l\u2019avenir, il suit de pr\u00e8s les r\u00e9volutions li\u00e9es \u00e0 l\u2019intelligence artificielle et au Web3. Voyageur dans l\u2019\u00e2me, il aime d\u00e9couvrir les cultures du monde et apprendre au contact des gens. 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