SEC acknowledges Grayscale’s XRP and DOGE ETF filings
The Securities and Exchange Commission will most likely have until mid-October to decide if Greyscale’s XRP and Dogecoin ETFs will be launched. The US Securities and Exchange Commission has accepted Greyscale’s filings to offer spot XRP and Dogecoin exchange-traded funds (ETFs).
The SEC’s February 13 receipt of Grayscale’s Form 19b-4 files for the Greyscale XRP Trust and the Greyscale Dogecoin Trust signals that the agency will soon begin reviewing and deciding on the applications within a 240-day limit.
The 240-day countdown will begin when Grayscale’s filings are submitted to the SEC’s federal register, which usually occurs within a few days. If filed today, the SEC’s determination date would be in mid-October.
Over the previous two weeks, the SEC has also approved applications for Litecoin (LTC $126.68) and Solana (SOL $196.61) ETFs, demonstrating that the SEC’s leadership under Trump has shifted its approach to crypto-related listings.
Under former SEC Chair Gary Gensler, the agency reportedly denied at least two Solana ETF proposals, and Greyscale had to go to court to have the SEC to consider authorising the conversion of its Bitcoin trust into an ETF.
Bloomberg ETF experts James Seyffart and Eric Balchunas projected earlier this month that XRP (XRP$2.56) and Dogecoin (DOGE$0.2632) ETF bids have a 65% and 75% likelihood of approval by the end of 2025.
The pair also predicted a 90% chance of a Litecoin LTC$126.65 ETF getting approved by the end of the year. Questions linger over XRP’s security classification, with Seyffart predicting that an XRP ETF would not be allowed until the SEC’s litigation against Ripple Labs is entirely settled.
Ripple won a partial success in August 2023, when it was determined that XRP was not a security when traded on secondary markets. However, the SEC filed an appeal, arguing that the blockchain payments startup violated securities rules by selling XRP to individual investors.
Dogecoin’s path to SEC approval may be more straightforward because it has not stated if it is a security. The cryptocurrency also incorporates several aspects of Bitcoin, for which the SEC has approved ETFs.
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