SEC’s Surprising Move: Are XRP and DOGE ETFs Finally on the Horizon? 🚀

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In a world where the SEC has finally decided to acknowledge the existence of Grayscale’s XRP and Dogecoin (DOGE) exchange-traded funds (ETFs), one might wonder if the sun has risen in the West. These filings, seeking to list and trade under the noble banner of commodity-based trust shares, are a curious spectacle indeed.

Yet, let us not be too hasty in our celebrations! This notice is not a golden ticket to approval; rather, it is a mere invitation for public comments—a bureaucratic dance that could lead to either jubilation or despair. After the SEC sifts through the public’s musings, they will decide whether to bless or curse this proposed rule change.

XRP ETF: A Flicker of Hope

On the fateful day of January 30, 2025, NYSE Arca submitted a proposed rule change to the SEC, aiming to list and trade shares of the Grayscale XRP Trust. An amended version soon followed, because why not keep everyone on their toes? This means the proposal now under review is as different from the original as a cat is from a dog.

ETF Store President Nate Geraci, in a moment of sheer disbelief, remarked on X (formerly known as Twitter), “Shocked more people aren’t talking about SEC accepting XRP ETF filing…They have open litigation w/ Ripple.” Ah, the irony of it all! 🎭

“Shocked more people aren’t talking about SEC accepting XRP ETF filing…They have open litigation w/ Ripple,” he stated on X (formerly Twitter).

In a twist worthy of a courtroom drama, the SEC has removed the lawsuit from its “Litigation Releases” section, igniting wild speculation about a resolution. However, the case has merely shuffled to the “Court of Appeals” section, reminding us that legal battles are as eternal as the stars.

Meanwhile, Fox Business reporter Eleanor Terrett, ever the realist, pointed out that acknowledgment does not equate to automatic approval. Yet, she noted, this development is a promising start—like finding a dollar bill in an old coat pocket.

“Because it means this SEC is being more open-minded and not flat out refusing to consider these products,” Terrett wrote.

Indeed, this marks a monumental shift in the regulator’s stance. Just a year prior, in December 2024, the SEC had rejected several 19-b4 filings for Solana (SOL) ETFs. But lo and behold, after Cboe’s resubmission under the watchful eye of President Trump, the filings received acknowledgment. A miracle, perhaps?

Bloomberg’s ETF analyst James Seyffart chimed in, “Under the prior SEC they never would have even acknowledged. And they didn’t. Solana filings were functionally denied as recently as December. Basically it means there’s a chance… lol.” Ah, the sweet taste of optimism! 🍀

Once Grayscale’s XRP ETF graces the pages of the Federal Register, it will enter a 240-day approval window. Not to be outdone, the Cboe has also filed 19b-4 forms for spot XRP ETFs from four other asset managers. The plot thickens!

DOGE ETF: The Meme That Could

In tandem with XRP, the SEC has also acknowledged Grayscale’s DOGE ETF filing, following the launch of a Dogecoin Trust just last month. The stars are aligning, or perhaps it’s just a cosmic joke.

“Doge ETF filing has been acknowledged by SEC, is part of normal process but that’s good sign in the case as these altcoins (which in past have been told to withdrawal right after filing), bumps up slightly our (already pretty good) odds of approval,” Bloomberg’s senior ETF analyst Eric Balchunas commented.

Analysts have previously suggested that Dogecoin may have a better shot at approval than its cousins Solana or XRP. The SEC might even classify it as a commodity instead of a security—what a twist! The security classification has been a formidable roadblock for SOL and XRP ETFs, but perhaps the winds of change are blowing.

Joining Grayscale in this merry endeavor, Bitwise has also filed for a DOGE ETF. And let’s not forget Rex Shares, which seeks approval for multiple meme coin ETFs, including Dogecoin, Bonk (BONK), and Official Trump (TRUMP). Because why not throw a party while we’re at it? 🎉

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2025-02-14 08:56