SEC Acknowledges Grayscale’s Filings for Spot XRP and Dogecoin ETFs

The United States Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s filings for spot XRP and Dogecoin exchange-traded funds (ETFs). This marks the beginning of the review process that could see these crypto funds hit the market later this year.

Review Process Timeline

The SEC published notices for Grayscale’s Form 19b-4 filings, a procedural step before the start of a 240-day window to review and decide on the applications. The countdown begins once the filings are entered into the Federal Register, which typically happens within days after the commission acknowledges applications. If processed soon, a final decision could come by mid-October.

“While the acknowledgement doesn’t mean ‘automatic approval’, it still marks a notable shift in the SEC’s stance.”

According to Fox Business journalist Eleanor Terrett, the SEC, under its current leadership, is “more open-minded” and willing to engage with crypto ETF proposals rather than outright dismissing them. This is a significant change from the agency’s previous stance, which had led to the withdrawal of Solana ETF applications in December.

Other Issuers Follow Suit

Four other issuers, namely Bitwise, 21Shares, Canary Capital, and WisdomTree, have filed their own proposals for XRP ETFs, which are now awaiting acknowledgment. NYSE Arca filed a proposed rule change with the SEC on January 30 to list and trade shares of the Grayscale XRP Trust, followed by a similar filing for the Grayscale Dogecoin Trust on January 31.

Bloomberg analysts James Seyffart and Eric Balchunas estimate the chances of XRP and Dogecoin ETFs getting approved at 65% and 70%, respectively.

Tips for Investors

If you’re interested in investing in XRP or Dogecoin ETFs, here are some key takeaways:

  • Keep an eye on the SEC’s review process and any updates on the status of the filings.
  • Consider the potential risks and benefits of investing in crypto ETFs.
  • Stay informed about the latest developments in the crypto market and regulatory landscape.

For more news on the latest developments in the crypto market, visit Global Crypto News.

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