Bitwise Chief Compliance Officer: SEC appears to be waiting for “high-level instructions” on how to handle litigation, including Ripple case

Odaily Planet Daily News Bitwise Chief Compliance Officer Katherine Dowling said that January marked the end of SAB 121, ushered in Trump's cryptocurrency executive order, and witnessed the formation of a new SEC working group. Coupled with the surge in cryptocurrency ETF applications, now is a good time to communicate with insiders. She pointed out that now, the signal of increased cooperation between the SEC and CFTC is one of the biggest changes compared to the Gensler era. According to Bitwise's conversations with the SEC, the cryptocurrency working group seems to be "very sincere." The current SEC Chairman nominee Paul Atkins has not yet been determined, and Mark Uyeda serves as acting chairman. That said, Dowling called the SEC "in purgatory" and the agency seemed to be waiting for "high-level instructions" on how to handle litigation, including the case against Ripple. Dowling said: "These don't go away overnight, and they shouldn't go away, but when you have new leadership, there are new eyes. In this particular case, are we focusing on the right things? Is there a settlement position that allows both parties to achieve the results they want?" She pointed out that some assets are still "trapped like dolphins in a fishing net." She was referring to assets that are clearly classified as securities, including SOL and XRP. The SEC must make some "concessions" in this regard in order to move forward with these ETF proposals. She hinted that the DOGE ETF may have a clearer path because the SEC has not yet labeled DOGE a security. In addition, in addition to the uncertainty of litigation/securities, there is also the question of whether the SEC will require the existence of "a regulated market of considerable size" (historically futures traded through CME). (Blockworks)