Katherine Dowling, the general counsel of Bitwise Asset Management, revealed that the United States Securities and Exchange Commission (SEC) is still awaiting confirmation of Paul Atkins’s appointment as the new chairman. As a result, certain decisions regarding crypto assets, such as the legal status of Dogecoin (DOGE), may be validated more quickly. Interestingly, a Dogecoin ETF may be approved faster than other cryptocurrencies like XRP and Solana because the SEC does not consider DOGE to be a security.
Katherine Dowling stated that the SEC is currently in a transitional phase and needs to wait for the confirmation of Paul Atkins as the new chairman. The determination of the securities attributes for assets like SOL and XRP will still be decided by the new chairman.
The classification of securities is a contentious issue for various digital assets in the regulatory space. There is still uncertainty regarding whether certain cryptocurrencies, including XRP and Solana (SOL), will be categorized as securities or not. However, DOGE appears to be exempt from this issue. The SEC does not view DOGE as a security, which allows its growth as an investment asset to be more transparent and opens up the possibility of a Dogecoin ETF.
Bitwise previously filed an S-1 registration with the SEC to introduce a Dogecoin spot ETF. This demonstrates that major investment firms recognize DOGE as an asset worthy of being an official financial instrument.
Furthermore, the US crypto legislative environment is also experiencing changes. President Donald Trump has signed an executive order to establish a regulatory structure for digital assets. This move could expedite the approval of other crypto ETFs, including Dogecoin. If favorable regulations for digital assets are implemented, the SEC may become more open to allowing crypto-based ETFs, particularly those that are not classified as securities.
In addition, the shift in SEC leadership to Paul Atkins, a prominent advocate of financial innovation, could further accelerate this process. 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 around $0.2675, experiencing a 1.14% correction over the past 24 hours. This decline has also caused its market capitalization to fall below the $40 billion mark.