I mean, just first and foremost, more than $100,000 for people who've been in crypto for a long time. That must feel extremely vindicating. It does. And thanks so much for having me this morning. It was fun to watch it go over

six digits last evening and to see it continue to hold today. When you think of the fund side and one, but also then the realities of what perhaps fallout can mean. Dig in a little bit to the announcement you made of it.

Yeah, absolutely. First off, leading up to this announcement, really all the names that were floated were positive. So we had that. We knew it was going to be better. So there was really no wrong answer. But in this choice, it's a great choice.

Quite simply, you have somebody who can hit the ground running. He has been a commissioner before. He knows how the commission works. And one really important factor that we're hearing about, Paul Atkins, is he gets along with people.

All right. You can't underestimate how important that is. He needs to be able to work with the industry. He needs to work with lawmakers. I've been at those hearings in Congress where it was antagonistic, questions weren't being answered, eyes were being

rolled. And this was the environment in which crypto was trying to achieve regulatory clarity, and it just wasn't going to happen with that back and forth and the tension that was created in the Gensler era. So we are very much looking forward to a

Someone who can come in, hit the ground running, work with the other commissioners, and hopefully also have a dialogue with the CFTC and with lawmakers. So in the new Congress, we can get some clarity, some forward motion on a stablecoin bill and market structure.

So quite simply, this is an excellent choice. He's another great addition to the team. Regardless of your politics, you can't fault the economic team that is being put together by the transition team here. Catherine, I want to speak to the

cynics out there. People are saying, oh great, crypto's got a pro-crypto SEC chair, all hell is going to break loose. We're going to see yet more fraudulent behavior that they believe goes on in this space. I want to ask you, because specifically,

yes, you're in the ecosystem, but you're someone who comes from a federal prosecutor background. You've worked for U.S. attorney general offices in California. So you can speak to that concern that we're suddenly going to see rampant activity in crypto with no holds barred, right?

Absolutely. You're going to have that approach. You're going to have people who are going to say, oh, great, there's going to be no regulation. But if you actually look at the folks in the industry, we aren't asking for no regulation.

We're asking for clarity in regulation, not just enforcement actions. And I know we've heard that quite a bit. What does that really mean? If you break it down? Enforcement actions are expensive. They're limited to the case at hand. You don't get a broader rule that will

help businesses that either haven't engaged with the industry or are trying to engage in the correct way.
So, having been at the U.S. Attorney's office before and having worked very closely with the SEC, the light doesn't switch overnight.
It's not suddenly that all the cases are

going to disappear. 
It's just that you're going to have a better dialogue, you're going to get collaboration, and you're going to have a more positive approach to how we get there. It's not that we're getting rid of everything.

We're just going to get there in a more collaborative fashion. That's what you need.
What's interesting is we are seeing some of the crypto-related companies turning downward a little bit, after a lot of run-up to this announcement.

So perhaps a bit of profit-taking is going on, Katherine, but spell out exactly what some of the... you talk about certain laws and regulations that need to be put in place.
We hear about stablecoins being tackled first and foremost.
Is that the number one priority on the

agenda from the SEC?
Where do you think the first rules are going to come from?
Yeah, I think well, stablecoin legislation coming from Congress will probably be the first, simply because it's a smaller issue and there's been bipartisan

support.
So I think that's going to be the first mover. The market structure legislation I referred to will take a little longer, but it's more of a dialogue that has to happen. That's the definition.
That's who is going to be the regulator

depending on where these assets sit, from
a definitional standpoint, along the spectrum.
So that will take a little longer, but we'll have some more forward motion on
both of those fronts. Is there any risk here?
Could we see... will Lachanze not take the

role, not be acknowledged for the role?
Well, there's always risk, but as I said, we're hopeful that that goes
smoothly. I see no obstacles out there that should
block it. However, as I mentioned earlier, there
are a number of other folks, all of whom

would be great choices.
I'm really liking the politician's choice, given his involvement with the
industry, his understanding, and quite frankly, his demeanor and
Ability to collaborate and work with others, which is quite simply important
in having a negotiated position with

regard to some of this regulatory
action.

Atkins Nomination Good for Crypto: Bitwise's Dowling

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Positive reaction to the SEC chair appointment

Significant positive response to the appointment, particularly among long-term crypto investors.

Discussion of the potential positive and negative impacts of the appointment.

All names considered for the position were viewed positively.

Highlighting the appointee's prior experience and ability to collaborate.

Importance of collaboration and clarity in crypto regulation

Emphasis on the need for collaboration between the appointee, industry, and lawmakers.

Contrast with the previous antagonistic regulatory environment.

Expectation of progress on stablecoin legislation and market structure.

Addressing concerns about potential deregulation and increased fraudulent activity

Responding to concerns about potential lack of regulation leading to increased fraudulent behavior.

Clarifying that the industry seeks regulatory clarity, not absence of regulation.

Explaining the limitations and high costs of enforcement actions compared to broader regulatory rules.

Highlighting that regulatory changes won't eliminate enforcement actions overnight, but will improve collaboration.

Discussion of potential legislative priorities and timelines

Observing some profit-taking in crypto-related companies following the announcement.

Stablecoin legislation expected to be the first priority due to bipartisan support.

Market structure legislation will take longer due to the need for broader dialogue.

Discussion on the regulatory definition of assets and the role of different regulators.

Assessment of potential risks and alternative candidates

Acknowledging the inherent risks in the appointment process.

Expressing hope for a smooth transition and highlighting the availability of other strong candidates.

Praising the appointee's industry involvement, understanding, and collaborative demeanor.

Atkins Nomination Good for Crypto: Bitwise's Dowling

Atkins Nomination Good for Crypto: Bitwise's Dowling

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