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Highlights
- The US SEC has acknowledged Grayscale's 19b-4 filing for its Dogecoin ETF.
- The SEC has also acknowledged Grayscale's XRP ETF filing.
- Once these filings are published in the federal register, the 240-day period begins during which the Commission has to make a decision.
The US Securities and Exchange Commission (SEC) has acknowledged Grayscale’s 19b-4 filing for its Dogecoin and XRP ETF. This paves the way for a potential approval of this fund, a development that provides a bullish outlook for the Dogecoin and XRP prices.
US SEC Acknowledges Grayscale’s Dogecoin And XRP ETF Filing
In a release, the US SEC acknowledged Grayscale’s Dogecoin and XRP ETF filings and called for public comments on the proposed funds. This has sparked optimism about the potential approval of these funds, as this marks the first step towards the approval (or denial) process.
Grayscale had filed 19b-4s through the New York Stock Exchange (NYSE) to convert its Dogecoin and XRP Trusts to Dogecoin and XRP ETFs. In addition to Grayscale, asset managers Bitwise and REX Shares have also filed to offer a Dogecoin ETF. Meanwhile, Bitwise, Canary Capital, 21Shares, and WisdomTree have filed to offer an XRP ETF.
Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart predicted a 75% and 65% chance of the US SEC approving a Dogecoin and XRP ETF this year.
What Comes Next For These ETFs
Having acknowledged these ETF filings, the SEC would publish these filings in the federal register, after which the 240-day period begins during which the US SEC must approve or deny these investment products. In an X post, Seyffart noted that this was mostly expected but officially means the clock will start soon for the Dogecoin and XRP ETF.
The analyst noted that under the prior SEC, the Commission would never have even acknowledged these filings. He alluded to the Solana filings, which Gary Gensler’s SEC denied. As such, the Bloomberg analyst believes that the acknowledgment shows there is a chance that the SEC will approve these products.
Balchunas also said that the acknowledgment is a good sign in this case, considering these are altcoins, which the prior SEC was skeptical about. He added that this slightly bumps up their odds of approval for the Dogecoin and XRP ETF.
Commenting on the acknowledgment of the XRP ETF, Nate Geraci, the president of the ETF Store, said that this development is obviously a potentially huge statement in the Commission’s case against Ripple. Legal expert Jeremy Hogan said the Ripple lawsuit would end before an ETF approval.
Ripple CEO Brad Garlinghouse also commented on the SEC’s acknowledgment of the XRP ETF filings. In an X post, he stated that he recalls pointing out more than once that these ETFs were inevitable.
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