XRP and Dogecoin ETFs clear initial hurdle as SEC acknowledges Grayscale’s filings

Grayscale's XRP and Dogecoin ETF Filings Acknowledged by SEC

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 initiation of the review process, potentially leading to the launch of these crypto funds later this year.

On February 13th, the SEC published notices for Grayscale's Form 19b-4 filings, commencing a 240-day review period for the applications. The official countdown begins upon entry into the Federal Register, which typically occurs within days of acknowledgment. Based on the current timeline, a final decision could be made by mid-October.

Commenting on the development, Fox Business journalist Eleanor Terrett emphasized that while acknowledgment does not guarantee approval, it signifies a noticeable shift in the SEC's position. She highlighted the agency's increased openness under its current leadership to engaging with crypto ETF proposals instead of outright rejections.

Terrett recalled the withdrawal of Solana ETF applications in December due to the SEC's reluctance to consider them. In contrast, the SEC's willingness to acknowledge these filings suggests a more receptive approach, raising hopes for the eventual launch of such crypto-based products.

Looking ahead, Terrett anticipates the SEC's attention to focus on XRP ETF applications from other issuers who followed Grayscale's initiative. Four additional issuers, including Bitwise, 21Shares, Canary Capital, and WisdomTree, have submitted their proposals for review.

NYSE Arca has filed proposed rule changes with the SEC on January 30th and 31st, respectively, for listing and trading shares of the Grayscale XRP Trust and Dogecoin Trust.

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