SEC Signals Progress on XRP & DOGE ETFs
SEC Acknowledges XRP and DOGE ETF Filings
The Securities and Exchange Commission (SEC) has acknowledged filings for both Grayscale's XRP and Dogecoin (DOGE) exchange-traded funds (ETFs). These filings propose listing and trading the assets under commodity-based trust share rules. This acknowledgment, while not an approval, signifies a crucial step in the regulatory process, opening the door for public comment before a final decision.
XRP ETF: A Promising Sign?
NYSE Arca initially filed a proposed rule change with the SEC on January 30, 2025, to list and trade shares of the Grayscale XRP Trust. A revised filing replaced the original on February 10, 2025. This development follows the SEC's recent removal of the Ripple lawsuit from its "Litigation Releases" section, although the case remains active in the Court of Appeals. Experts express cautious optimism, highlighting that the SEC's acknowledgment represents a shift from its previous stance, contrasting sharply with the rejection of several Solana ETF filings in December 2024.
Nate Geraci, President of ETF Store, noted the surprise that more people weren't discussing the SEC's acceptance of the XRP ETF filing, given the ongoing litigation with Ripple. Eleanor Terrett, a Fox Business reporter, emphasized that acknowledgment doesn't guarantee approval but suggests a more open-minded approach from the SEC. James Seyffart, a Bloomberg ETF analyst, pointed out that under the previous SEC administration, such filings wouldn't have even been acknowledged, further highlighting the significance of this development. Once published in the Federal Register, Grayscale's XRP ETF will have a 240-day approval window. Cboe has also filed 19b-4 forms for spot XRP ETFs from four other asset managers.
DOGE ETF Gains Momentum
The SEC also acknowledged Grayscale's DOGE ETF filing, following the launch of Grayscale's Dogecoin Trust last month. Analysts previously suggested that Dogecoin had a higher likelihood of approval than Solana or XRP due to the potential classification as a commodity, unlike securities SOL and XRP. In addition to Grayscale, Bitwise has also filed for a DOGE ETF, and Rex Shares seeks approval for multiple meme coin ETFs, including Dogecoin, Bonk (BONK), and Official Trump (TRUMP).
Eric Balchunas, Bloomberg's senior ETF analyst, viewed the SEC's acknowledgment as a positive sign, noting that altcoins were previously often told to withdraw their filings immediately. He believes that the acknowledgement slightly increases the odds of approval.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.
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