21Shares Spot Dogecoin ETF Delayed by the US SEC

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The SEC Postpones Decision on 21Shares Spot Dogecoin ETF

The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the spot Dogecoin ETF application submitted by 21Shares. The regulatory body requires an additional 45 days to either approve or reject the proposed ETF prospectus.

According to a recent SEC filing, the delay of the 21Shares Dogecoin ETF stems from the need for further evaluation. The SEC aims to determine whether the proposed ETF aligns with the listing and trading requirements outlined in Nasdaq Rule 5711(d). This development has generated both interest and concern within the Dogecoin community, as ETF approval is widely considered essential for the broader adoption and potential value appreciation of DOGE.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein."

Nasdaq initially filed to list the 21Shares Dogecoin ETF on April 28th, with its publication in the Federal Register following on May 19th. This timeline initially indicated an August 17th deadline for the SEC to reach a final decision.

Grayscale and Bitwise are among the other issuers also seeking approval from the SEC for similar products. Interestingly, Bloomberg ETF analysts have reportedly increased the probability of Dogecoin ETF approval to 90%.

Despite these developments, the DOGE price experienced a slight decrease of over 1% in the last 24 hours, remaining within a relatively stable range near $0.165 for the past week. Currently, the price is trading around $0.163, with a 24-hour range between $0.1623 and $0.1678. However, trading volume has seen a 13% increase in the last 24 hours, suggesting continued interest among traders.

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