SEC Acknowledges Grayscale’s Filings to List XRP, Dogecoin ETFs

Dogecoin Grayscale XRP

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Author Profile

Share

Copied

Last updated:

February 14, 2025 00:38 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The SEC on Thursday officially acknowledged Grayscale’s application to convert its XRP and Dogecoin Trusts into ETFs, marking an unprecedented move that could signal a shift in its approach to crypto products.

The agency filed a regulatory notice seeking public input on the proposed rule change for the Grayscale XRP Trust under NYSE Arca Rule 8.201-E. Soon after, it requested comments on Grayscale’s Dogecoin Trust.

SEC’s Evolving Approach Sparks Hope

These developments indicate that the SEC is now more open to crypto innovations. It marks a clear shift from December, when exchanges withdrew their Solana 19b-4 applications after minimal engagement from the previous SEC leadership.

While new crypto ETF filings—including $LTC, $DOGE, $SOL, $XRP—still must navigate the full approval process. However, the SEC’s initial acknowledgment is a promising sign for their future launch.

Further, as the crypto market continues to mature, the SEC will also likely consider XRP ETF applications from later entrants like Bitwise, 21Shares, Canary and WisdomTree.

Once Grayscale’s ETF filing is published in the Federal Register, the SEC will commence its formal review period, which can extend up to 240 days.

In essence, the countdown for the SEC to approve or reject the proposal begins as soon as the filing appears in this official government publication, marking a critical step in the regulatory process.

Analyst Highlights SEC’s Break from Past Rigidity

Bloomberg ETF analyst James Seyffart observed that the SEC’s recent acknowledgment marks a clear departure from its previous stance, noting that filings like Solana’s were effectively denied as recently as December. “It means there’s a chance,” he said.

Earlier this week, he forecast that the SEC would formally recognize XRP and Dogecoin ETFs within days. He estimated approval odds of 70% for XRP and 65% for Dogecoin. He also projected even higher probabilities for a Litecoin ETF at 90% and a Solana ETF at 70%.

However, Seyffart also mentioned that an XRP ETF remains unlikely until the ongoing Ripple litigation with the SEC is resolved.

Recently, the SEC acknowledged applications from Canary, VanEck, Bitwise and 21Shares for spot Solana ETFs and sought public feedback.