The United States Securities and Exchange Commission has officially acknowledged Grayscale’s filings for spot XRP and Dogecoin exchange-traded funds, kicking off the review process that could see these crypto funds hit the market later this year.
On Feb. 13, the commission published notices for Grayscale’s Form 19b-4 filings, a procedural step before the start of a 240-day window to review and decide on the applications.
The countdown begins once the filings are entered into the Federal Register, which typically happens within days after the commission acknowledges applications. If processed soon, a final decision could come by mid-October.
Commenting on the development, Fox Business journalist Eleanor Terrett explained that while the acknowledgement doesn’t mean “automatic approval”, it still marks a notable shift in the SEC’s stance.
She pointed out that the agency, under its current leadership, is “more open-minded” and willing to engage with crypto ETF proposals rather than outright dismissing them.
She recalled that in December, exchanges pulled Solana ETF applications after the SEC, then led by Gary Gensler, signaled it wouldn’t engage with them. In contrast, the SEC, under new leadership, appears more open to considering such filings, bolstering hopes that these crypto-based products might eventually launch.
Looking ahead, Terrett anticipates the SEC will soon turn its attention to XRP ETF applications from other issuers that followed Grayscale’s lead. Four other issuers, namely Bitwise, 21Shares, Canary Capital and WisdomTree, have filed their own proposals, which are now awaiting acknowledgment.
NYSE Arca filed a proposed rule change with the SEC on Jan. 30 to list and trade shares of the Grayscale XRP Trust, followed by a similar filing for the Grayscale Dogecoin Trust on Jan. 31.
Bloomberg analysts James Seyffart and Eric Balchunas estimate the chances of XRP and Dogecoin ETFs getting approved at 65% and 70%, respectively.
