YEREVAN (CoinChapter.com) — The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale’s applications for spot XRP ETF and Dogecoin (DOGE) ETF. The filing, confirmed on Feb. 13, moves the Grayscale XRP Trust and Grayscale Dogecoin Trust into the official review process.
The acknowledgment means the SEC’s 240-day review period will begin once the filings are published in the federal register. This process usually takes a few days. If registered soon, the SEC’s decision on the XRP ETF and DOGE ETF would be expected by mid-October.
Grayscale XRP Trust SEC Filing. Source: SECSEC Reviews More Crypto ETFs
The SEC has also acknowledged ETF applications for Litecoin (LTC) ETF and Solana (SOL) ETF in recent weeks. The filings suggest the regulator is reviewing more crypto ETF applications than before.
Under former SEC Chair Gary Gensler, the commission rejected multiple crypto ETF proposals, including at least two Solana ETF applications. Grayscale previously had to challenge the SEC in court to gain approval for its Bitcoin Trust conversion into a spot ETF.
SEC to Reject Solana Spot ETFs. Source: Eleanor TerrettAnalysts Assess XRP ETF and DOGE ETF Chances
According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is a 65% probability of XRP ETF approval by 2025 and a 75% probability for Dogecoin ETF approval. They also estimate a 90% chance for Litecoin ETF approval before the end of 2025.
Crypto ETF Approval Odds Breakdown. Source: Eric BalchunasXRP ETF Faces Legal Challenges from Ripple Case
The SEC’s legal case against Ripple Labs remains a factor in the XRP ETF decision. In August 2023, a court ruled that XRP is not a security when sold on secondary markets. However, the SEC appealed, arguing that Ripple Labs violated securities laws when selling XRP to retail investors.
SEC vs. Ripple Court Ruling. Source: US District Court SDNYThe pending Ripple lawsuit may affect the XRP ETF decision, as the SEC’s position on XRP remains unresolved.
DOGE ETF Faces Fewer Legal Barriers
Unlike XRP, Dogecoin (DOGE) has not been classified as a security by the SEC. The regulator has not made any statements regarding Dogecoin’s legal status.
Since Dogecoin operates similarly to Bitcoin, which has already received SEC ETF approvals, the DOGE ETF could have a clearer path to approval. Both cryptocurrencies utilize a proof-of-work (PoW) consensus mechanism, where miners validate transactions and secure the network. Additionally, Dogecoin and Bitcoin share the characteristic of being decentralized digital currencies, enabling peer-to-peer transactions without intermediaries.
With multiple crypto ETFs under review, the SEC’s final decisions on these applications could impact the future of crypto investment products in the U.S.
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