The U.S. Securities and Exchange Commission (SEC) has officially recognized Grayscale’s filings for spot XRP and Dogecoin exchange-traded funds (ETFs), marking the beginning of a review process that could see these crypto-based funds launch later this year.
On February 13, the SEC published notices for Grayscale’s Form 19b-4 filings, a key procedural step that opens a 240-day window for the commission to review and make a decision on the applications. Once the filings appear in the Federal Register—typically within a few days of acknowledgment—the review clock starts ticking. If the process moves quickly, the SEC could issue a final decision by mid-October.
While the SEC’s acknowledgment of the filings doesn’t guarantee approval, it represents a significant shift in the agency’s approach to crypto ETFs. According to Fox Business journalist Eleanor Terrett, the SEC, under its current leadership, is adopting a more open-minded stance toward considering cryptocurrency-based financial products. This contrasts with the previous regime under SEC Chairman Gary Gensler, which was notably resistant to approving such filings.
Terrett pointed to the SEC’s handling of Solana ETF applications in December, when exchanges pulled their filings after the commission indicated a lack of willingness to engage. By contrast, the SEC’s current leadership appears more willing to review and assess such proposals, fueling optimism that crypto-based ETFs could soon be available on the market.
In addition to Grayscale’s filings, Terrett highlighted that the SEC will soon turn its attention to similar XRP ETF applications from other issuers. Four companies—Bitwise, 21Shares, Canary Capital, and WisdomTree—have also submitted proposals, which are now awaiting acknowledgment from the commission.
Grayscale took a significant step forward in January when NYSE Arca filed a proposed rule change to list and trade shares of the Grayscale XRP Trust on January 30. A similar filing for the Grayscale Dogecoin Trust followed the next day, on January 31.
Bloomberg analysts James Seyffart and Eric Balchunas have estimated the likelihood of XRP and Dogecoin ETFs being approved at 65% and 70%, respectively, further raising hopes that these funds may hit the market soon.
As the review process moves forward, the crypto community remains watchful for any developments that could signal a breakthrough for these much-anticipated financial products.