SEC Takes First Positive Step For Dogecoin (DOGE) and XRP! What Happens Next?

After Bitcoin (BTC) and Ethereum (ETH) received spot ETF approval, ETF applications were also filed for numerous altcoins.

While altcoins such as XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE) came to prominence, a recent development emerged from the SEC.

The SEC has accepted Grayscale's 19b-4 filing for its Dogecoin and XRP ETFs, opening the path for their approval.

Grayscale filed a 19b-4 application to convert its Dogecoin and XRP Trusts into spot ETFs through the New York Stock Exchange (NYSE).

Experts view the SEC's acceptance of Grayscale's 19b-4 applications as a sign that the agency will review them and make a final decision within the mandated 240-day period.

This action signifies that the applications are undergoing an evaluation phase, where public comments will be considered; comments collected within 21 days will influence the SEC's ultimate decision. The SEC holds the authority to approve, reject, or extend the applications at the conclusion of the 240-day period.

In a recent report, Bloomberg analysts Eric Balchunas and James Seyffart assessed the approval prospects of altcoin ETFs; they estimated the probability of the SEC approving a Dogecoin ETF this year at 75% and an XRP ETF at 65%.

Commenting on the potential adoption of the XRP ETF, Ripple CEO Brad Garlinghouse expressed confidence in its inevitability.

Disclaimer: This information does not constitute financial advice.