Does This SEC Decision Mean Dogecoin, XRP ETFs Are On Their Way?
The Securities and Exchange Commission has acknowledged Grayscale's applications for spot Dogecoin (CRYPTO: DOGE) and XRP (CRYPTO: XRP) ETFs.
This step signals that the agency is willing to consider the proposals, a shift from its previous tendency to dismiss similar applications for alternative cryptocurrencies.
If approved, the ETFs would allow investors to gain exposure to Dogecoin and XRP through traditional financial markets without directly holding the assets.
What Happened: Historically, the SEC has been hesitant to approve ETFs tied to cryptocurrencies beyond Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Bloomberg ETF analyst Eric Balchunas noted that the regulator's decision to engage with the filings is a positive indication that its stance may be evolving.
Fox Business journalist Eleanor Terrett highlighted that the SEC appears more receptive than it was in December when exchanges withdrew Solana ETF applications due to a lack of regulatory engagement.
Despite this progress, the approval process remains uncertain. One of the main challenges facing the XRP ETF is the SEC's ongoing lawsuit against Ripple.
A court ruling in 2023 determined that XRP was not a security in secondary sales, but the SEC has since appealed, prolonging the regulatory uncertainty surrounding the asset.
Bloomberg analyst James Seyffart suggested that the outcome of this legal battle could influence whether the SEC ultimately approves an XRP-based ETF.
Why It Matters: Recent changes in SEC leadership have led to speculation about a potential shift in the agency's enforcement approach.
The commission's request for a 60-day suspension in its lawsuit against Binance has added to the belief that its regulatory strategy toward cryptocurrency markets may be evolving.
Meanwhile, Hashdex has secured SEC approval to launch a new crypto index exchange-traded product on Nasdaq on Feb. 14.
Initially, the index will track Bitcoin and Ethereum, with plans to expand to other assets such as Cardano (CRYPTO: ADA), Avalanche (CRYPTO: AVAX), Litecoin (CRYPTO: LTC), Chainlink (CRYPTO: LINK), and Solana (CRYPTO: SOL) once regulatory clearance is granted.
The launch of additional crypto-based financial products reflects increasing institutional interest in digital assets, even as regulatory challenges persist.
As the SEC reviews Grayscale's filings and more firms introduce regulated investment vehicles for cryptocurrencies, the broader market continues to watch for signals on how digital asset regulation will unfold in the coming months.
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