US SEC Officially Acknowledges Grayscale’s DOGE and XRP ETFs Bid

Highlights:

• The United States SEC has admitted recipients of Grayscale’s DOGE and XRP ETFs 19b-4 applications.
• Following the acknowledgment, the regulatory agency called for public opinion on the funds.
• A renowned journalist warned that the new development does not equate to the ETF’s final approval, as it might take up to six months.

According to a February 13 filing, the United States Securities and Exchange Commission (SEC) officially acknowledged the recipient of Grayscale’s Dogecoin (DOGE) and XRP 19b-4 ETFs applications. Consequently, the regulatory watchdog has called for public opinion on the implicated ETFs. The acknowledgment marks a significant step in a seemingly bureaucratic process that would ultimately lead to the ETFs’ approval.

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BIG NEWS:

SEC officially acknowledges Grayscale’s filing for Spot $XRP & $DOGE ETFs. pic.twitter.com/tqJYuhy8oG

— Sapna Singh (@earnwithsapna) February 14, 2025

It is worth noting that the latest development is happening a few days after the asset management firm Grayscale presented separate filings to convert its Dogecoin and XRP Trusts to ETFs to the SEC. For context, the asset management firm tendered the applications for the Trusts to ETFs conversion through the New York Stock Exchange (NYSE). Crypto2Community reported the 19b-4 application for Dogecoin ETF on February 1, while that for XRP was on January 28.

Following the above applications, the SEC ordinarily has 45 to 90 days to decide whether to proceed or begin the rejection procedures for the filing. However, such wasn’t the case. Hence, the SEC’s swift response could signify that the regulatory landscape could be on the verge of significant reforms. Nevertheless, such assertion remains a speculation, pending the final approval for the numerous ETFs approval.

Filing Acknowledgement for Grayscale’s DOGE and XRP ETFs Do Not Equate to Approvals

In a tweet, renowned Fox Journalist Eleanor Terrett explained what the 19b-4 applications acknowledgment signifies. Notedly, she based her explanation on the XRP’s recognized filing. According to the journalist, admitting recipients of the applications does imply automatic approval. She added that despite the recognition, the SEC could still refuse to endorse the Trust to ETF conversion.

Explaining the significance of the new development, Terrett stated that the SEC depicted open-mindedness, which she deemed a welcome development. She compared the scenario with a similar application involving Solana. “Recall, exchanges pulled the SOL 19b-4 applications in December when the Gensler SEC signaled it would not engage with them,” the journalist added.

Possible Future Happenings

Having explained why the 19b-4 application acknowledgment was crucial, the journalist highlighted possible future happenings based on past experiences. She stated that the crypto community should anticipate the SEC’s admittance of similar recipients from issuers that applied later than Grayscale. These include Bitwise Invest, Canary Capital, 21Shares, and Wisdom Tree.

Moreover, the 240-day window required for the SEC final approval will begin when the new filing acknowledging the 19b-4 applications gets posted to the federal register. Per Eleanor, she expects such a posting to happen in a few days. If such happens, it implies that the ETF approval would likely play out around late August or within September.

🚨SO, for everyone asking what this means — the SEC has *acknowledged* @Grayscale/@NYSE’s 19b-4 application to convert its $XRP Trust into an ETF.

No, it doesn’t mean automatic approval and it doesn’t even guarantee the SEC will approve it down the line.

So why is it notable?… https://t.co/GICXgobYsZ

— Eleanor Terrett (@EleanorTerrett) February 13, 2025

Grayscale Shows Diversified Interest in ETF Listings

Having earned endorsements for Bitcoin (BTC) and Ethereum (ETH) ETFs in 2024, Grayscale has taken a significantly diversified approach, evidenced by its filings for several Trusts and ETF filings. Apart from Dogecoin and XRP, the asset management has filed Trusts and ETFs for cryptocurrencies like Aave (AAVE), Avalanche (AVAX), Worldcoin, SUI, Solana (SOL), Litecoin (LTC), etc.

Recently, the investment firm filed for Cardano ETF through NYSE Arca, a subsidiary of the larger NYSE Group. The application for Cardano ETF became the first in the United States. In addition, Cardano’s ETF was the 60th filing tendered by issuers amid the upsurge in ETF applications among asset management companies.

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