The US Securities and Exchange Commission has acknowledged filings from crypto asset manager Grayscale to list spot XRP and Dogecoin exchange-traded funds (ETFs).
The SEC’s Feb. 13 acknowledgments of Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and the Grayscale Dogecoin Trust means the clock will soon start for the agency to review and decide on the applications within a mandated 240-day deadline.
The 240-day timer will start when Grayscale’s filings are submitted to the SEC’s federal register, which typically happens within days. If entered now, it would mean the SEC’s decision deadline would be in mid-October.
Excerpt from the SEC’s formal acknowledgment of Grayscale’s application to list a spot Dogecoin ETF. Source: SEC
Over the last two weeks, the SEC has also acknowledged applications for Litecoin (LTC) and Solana (SOL) ETFs — indicating that the SEC’s leadership under the Trump administration has changed its tact to crypto-related listings.
Under former SEC Chair Gary Gensler, the agency reportedly rejected at least two Solana ETF applications and Grayscale had to undertake a lengthy court battle to force the SEC to consider approving the conversion of its Bitcoin trust into an ETF.
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Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted earlier this month that XRP (XRP) and Dogecoin (DOGE) ETF bids have a 65% and 75% chance of being approved before the end of 2025.
The pair have also given 90% odds of a Litecoin (LTC) ETF being approved before the end of the year.
Questions remain over XRP’s security status, with Seyffart predicting that an XRP ETF wouldn’t be approved until the SEC’s lawsuit against Ripple Labs is fully resolved.
Ripple scored a partial victory in August 2023, when it was ruled that XRP wasn’t a security when sold on secondary markets. However, the SEC appealed the decision, claiming the blockchain payments firm breached securities laws when it sold XRP to retail investors.
Dogecoin’s path toward SEC approval could be more straightforward as it hasn’t said if it could be a security. The cryptocurrency also adopts many facets of Bitcoin, for which the SEC has approved ETF products.
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