SEC Acknowledges Filings for Grayscale XRP and Dogecoin (DOGE) ETFs
The Securities and Exchange Commission (SEC) has officially recognized the filings for both the Grayscale XRP and Grayscale Dogecoin (DOGE) exchange-traded funds (ETF). These filings aim to list and trade the respective assets according to commodity-based trust shares regulations.
It is important to note that this acknowledgment does not equate to an immediate approval but is a step in the process of seeking public feedback. Upon reviewing the comments and feedback received, the SEC will reach a decision on whether to approve or deny the proposed rule change.
Initial Approval for XRP ETF
NYSA Arca submitted a proposed rule change to the SEC on January 30, 2025, seeking to list and trade shares of the Grayscale XRP Trust. An amended version was filed on February 10, signaling a modification from the original submission for review.
ETF Store President Nate Geraci expressed surprise at the lack of attention given to the SEC's acceptance of the XRP ETF filing, particularly in light of their ongoing legal dispute with Ripple.
On another note, the acknowledgment by the SEC does not guarantee automatic approval, but it does indicate a positive step forward in the process, according to Fox Business reporter Eleanor Terrett.
The recognition of the XRP ETF filing represents a shift in the SEC's position compared to its previous rejection of Solana (SOL) ETF filings. Bloomberg's ETF analyst James Seyffart highlighted the changing dynamics within the regulatory environment.
Potential DOGE ETF Approval
In addition to the XRP ETF, the SEC also acknowledged the filing for Grayscale's DOGE ETF, following the recent launch of the Dogecoin Trust.
Analysts have suggested that Dogecoin may have a higher chance of approval compared to other cryptocurrencies due to a potential classification as a commodity rather than a security, which has presented challenges for SOL and XRP ETFs.
Grayscale is not the only entity pursuing a DOGE ETF, as Bitwise and Rex Shares have also filed for similar products. The growing interest in meme coin ETFs reflects the evolving landscape of cryptocurrency investments.
Overall, the acknowledgment of these ETF filings by the SEC marks a significant development in the potential mainstream acceptance and integration of digital assets into traditional financial markets.