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

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.

NEW: There it is — The SEC just acknowledged @Grayscale & @NYSE’s 19b-4 filing to list an XRP ETF

(this was mostly expected but officially means the clock will start soon for this and Dogecoin) pic.twitter.com/IQgTqPiiOe

— James Seyffart (@JSeyff) February 13, 2025

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.