Dogecoin and XRP ETFs? SEC Considers Grayscale’s Latest Proposals

SEC Considers Grayscale's Proposals for Dogecoin and XRP ETFs

The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's proposals to convert its Dogecoin and XRP trusts into spot exchange-traded funds (ETFs). The SEC seeks public input before making a decision on their approval.

Public Input Sought

Interested parties can submit their feedback within 21 days of publication in the Federal Register. The SEC will then evaluate the proposals and make its decision.

Grayscale's Strategy

Grayscale's move demonstrates its commitment to expanding its cryptocurrency offerings and providing regulated access to digital assets for investors.

19b-4 Filing Process

The 19b-4 filing triggers the SEC's review process. The agency has 240 days to make a decision, with an initial 45-day period.

Dogecoin ETF Structure

Authorized participants would handle cash transactions, minimizing direct exposure to Dogecoin (DOGE). Coinbase Custody will manage DOGE custody, while BNY Mellon will handle administration. Pricing data will come from regulated U.S. platforms.

Dogecoin's Evolution

Dogecoin has evolved from a meme coin to a recognized digital asset, accepted by over 2,500 merchants and utilized for charitable initiatives.

Broader Context

Grayscale's proposals are part of a surge in applications for cryptocurrency ETFs. The SEC's regulatory approach appears more receptive, encouraging firms to advance their ETF initiatives.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.