#FOMCMeeting In the meantime, the SEC has taken a cautious approach. On May 31, Commissioner Caroline Crenshaw warned in a public statement that the ongoing uncertainty regarding which tokens qualify as 'securities' could exacerbate liquidity tensions if markets deteriorate—highlighting the need for clearer rules before institutions engage. At the same time, the Commission has postponed its decisions on spot ETFs for XRP and Solana, delaying what many hoped would be a wave of new regulated funds flowing into digital assets.