Katherine Dowling, the general counsel of Bitwise Asset Management, has revealed that the United States Securities and Exchange Commission (SEC) is still awaiting validation of Paul Atkins’s nomination as the new chairman. As a result, the validation of various choices regarding crypto assets, including the legal status of Dogecoin (DOGE), may be expedited. Interestingly, the approval of a Dogecoin ETF may happen more quickly compared to other cryptocurrencies such as XRP and Solana, as the SEC does not consider DOGE to be a security.
Dowling stated that the SEC is currently in a transition period and needs to wait for the confirmation of Paul Atkins’s appointment as the new chairman. The determination of the securities attributes of assets like SOL and XRP still needs to be made by the new chairman.
The categorization of securities is a significant topic in the regulatory landscape for different digital assets. There are still uncertainties regarding whether certain cryptocurrencies, including XRP and Solana (SOL), will be classified as securities. However, DOGE seems to be exempt from this concern. The SEC does not view DOGE as a security, which allows for more transparency in its growth as an investment asset and the potential for a Dogecoin-based ETF.
Bitwise previously submitted S-1 registration with the SEC to introduce a Dogecoin spot ETF. This demonstrates that major investment firms consider DOGE to be a valuable asset that can serve as an official financial instrument.
Furthermore, the US crypto regulatory scene is witnessing a shift. President Donald Trump has signed an executive order to establish a regulatory structure for digital assets. This development could expedite the approval process for other crypto ETFs, including Dogecoin. If favorable regulations for digital assets are adopted, the SEC might be more open to approving crypto-based ETFs, particularly those that are not classified as securities.
In addition, the recent change in SEC leadership to Paul Atkins, a proponent of financial innovation, could potentially accelerate this process even further. DOGE investors are hopeful that this change will bring a breath of fresh air to their future in the traditional financial market.
As of now, DOGE is trading at approximately $0.2675, with a 1.14% correction in the last 24 hours. This decline has also caused its market capitalization to fall below the $40 billion threshold.