The US Securities and Exchange Commission (SEC) has officially recognized Grayscale’s proposal for a Dogecoin (DOGE) exchange-traded fund (ETF).
This development comes as part of the SEC’s standard process for reviewing ETF proposals.
The regulatory body posted a 19b-4 form on Thursday, which acknowledges the filing by NYSE Arca on behalf of Grayscale.
Grayscale’s $XRP ETF filing was acknowledged by the SEC just now
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Public comments open for Dogecoin ETF filing
The SEC has opened up a window for public comments on the Dogecoin ETF proposal. Individuals and entities will have 21 days from the publication of this notice in the Federal Register to submit their feedback.
Following this period, the SEC will decide whether to approve or disapprove the ETF, or possibly “institute proceedings,” which could lead to further review.
A 19b-4 filing is the second step in the SEC’s process for considering a spot crypto ETF.
Once acknowledged, the filing is published in the Federal Register, signaling the beginning of the SEC’s approval process. Grayscale’s proposal is part of a broader trend of cryptocurrency firms seeking regulatory approval for various crypto ETFs.
Grayscale, a leading digital asset management firm, launched the Dogecoin Trust in late January.
The company has positioned Dogecoin as more than just a “memecoin” linked to a Shiba Inu dog meme.
Grayscale believes that Dogecoin has evolved into a viable tool for global financial inclusion, grassroots activism, and a form of payment.
The firm’s proposal aims to further legitimize DOGE in the eyes of institutional investors.
Elon Musk’s influence on Dogecoin’s growth
DOGE, the eighth-largest cryptocurrency by market cap, has garnered attention from high-profile figures, notably billionaire Elon Musk.
Musk’s advocacy for Dogecoin has significantly contributed to its prominence in the crypto market.
SEC acknowledges XRP ETF filings
In addition to Grayscale’s Dogecoin ETF filing, the SEC also acknowledged a 19b-4 filing for the Grayscale XRP Trust on Thursday.
The agency has recently seen a surge of crypto ETF proposals, ranging from Solana to Dogecoin.
This is a notable shift in regulatory attitude following the departure of former SEC Chairman Gary Gensler, who had expressed skepticism about cryptocurrencies, often labeling them as securities.
The SEC’s approval of the Dogecoin ETF would follow its recent decisions to approve spot Bitcoin and Ethereum ETFs in 2024, marking a shift toward greater acceptance of cryptocurrency-related financial products.
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