The US Securities and Exchange Commission (SEC) has formally acknowledged Grayscale Investments' filings to list spot Dogecoin (DOGE) and XRP exchange-traded funds (ETFs). This marks a significant step toward potential approval, which could expand the crypto ETF market beyond Bitcoin and Ethereum.
Key Details of the Filings
- Trading Venue: If approved, the Dogecoin and XRP ETFs will trade on NYSE Arca.
- Review Timeline: The SEC has 240 days to approve or reject the filings after submission to the federal register.
- Recent Activity: Last week, Cboe filed four XRP ETF applications for issuers like 21Shares, Bitwise, and WisdomTree.
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The Approval Process Explained
- Federal Register Submission: The 240-day countdown begins only after filings enter the SEC's federal register.
- Market Impact: Approval could legitimize DOGE and XRP as institutional-grade assets, mirroring January 2024's Bitcoin ETF approvals.
- Regulatory Climate: The SEC's stance may shift under acting chair Mark Uyeda, known for crypto-friendly views.
Broader ETF Landscape
- Multiple Filings: Bitwise, Canary Capital, and others have submitted XRP ETF proposals since October 2023.
- Nasdaq's Role: CoinShares partnered with Nasdaq to file for Litecoin and XRP ETFs in January 2025.
- Competing Assets: Analysts suggest Litecoin ETFs have a higher approval probability (90%) than XRP (65%).
Analyst Perspectives
Bloomberg's Eric Balchunas and James Seyffart predict:
- Litecoin ETF: 90% approval chance by 2025.
- Dogecoin ETF: 75% chance.
- Solana ETF: 70% chance.
- XRP ETF: Hinges on resolving Ripple's SEC lawsuit.
"The SEC must untangle the Ripple/XRP legal mess before approving an XRP ETF," Seyffart noted.
FAQs
Q: When will Grayscale's DOGE/XRP ETFs launch?
A: If approved, listings could occur within 240 days of federal register submission.
Q: Why does Litecoin have higher approval odds?
A: Its regulatory clarity and lower legal complexities compared to XRP.
Q: How do spot ETFs differ from futures ETFs?
A: Spot ETFs hold the actual cryptocurrency, offering direct price exposure.
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Conclusion
The SEC's acknowledgment signals growing institutional interest in altcoin ETFs. While Litecoin leads in approval likelihood, Dogecoin and XRP filings reflect expanding market demand. Investors should monitor regulatory updates and legal outcomes, particularly Ripple's case, which remains pivotal for XRP's ETF prospects.