SEC Takes First Step Toward Grayscale’s XRP and DOGE ETFs

The SEC has acknowledged filings for both the Grayscale XRP and Grayscale Dogecoin (DOGE) exchange-traded funds (ETF). These filings seek to list and trade the respective assets under commodity-based trust shares rules.

However, this notice does not signify an approval of the proposal. Rather, it is part of the process of soliciting public comments. After reviewing the comments and considering the feedback, the SEC will decide whether to approve or reject the proposed rule change.

XRP ETF Gets Initial SEC Nod

On January 30, 2025, NYSE Arca filed a proposed rule change with the SEC to list and trade shares of the Grayscale XRP Trust. On February 10, an amended version replaced the original filing. This means that the proposal now under review differs from the initial submission.

ETF Store President Nate Geraci highlighted the significance of the SEC’s acknowledgment.

“Shocked more people aren’t talking about SEC accepting XRP ETF filing…They have open litigation w/ Ripple,” he stated on X (formerly Twitter).

The SEC recently removed the lawsuit from its “Litigation Releases” section, sparking speculation about a potential resolution. Nevertheless, the case has been moved to the “Court of Appeals” section, indicating that legal proceedings are still underway.

Meanwhile, Fox Business reporter Eleanor Terrett emphasized that acknowledgment does not imply automatic approval. Yet, the development marks a promising start.

“Because it means this SEC is being more open-minded and not flat out refusing to consider these products,” Terrett wrote.

Notably, this marked a huge shift in the regulator’s stance. In December 2024, the SEC rejected several 19-b4 filings for Solana (SOL) ETFs. However, the filings received acknowledgment after Cboe’s resubmission under President Trump’s administration.

Bloomerg’s ETF analyst James Seyffart also agreed.

“Under the prior SEC they never would have even acknowledged. And they didn’t. Solana filings were functionally denied as recently as December. Basically it means there’s a chance… lol,” he remarked.

Once Grayscale’s XRP ETF is published in the Federal Register, it will have a 240-day approval window. In addition to Grayscale, the Cboe has filed 19b-4 forms for spot XRP ETFs from four other asset managers.

DOGE ETF Gains Traction

Alongside XRP, the SEC also acknowledged Grayscale’s DOGE ETF filing. This follows Grayscale’s launch of a Dogecoin Trust last month. 

“Doge ETF filing has been acknowledged by SEC, is part of normal process but that’s good sign in the case as these altcoins (which in past have been told to withdrawal right after filing), bumps up slightly our (already pretty good) odds of approval,” Bloomberg’s senior ETF analyst Eric Balchunas commented.

Previously, analysts suggested that Dogecoin has a higher likelihood of approval than Solana or XRP. The SEC may classify it as a commodity instead of a security. It is with noting that the security classification has been a roadblock for SOL and XRP ETFs. 

Joining Grayscale, Bitwise has also filed for a DOGE ETF. Lastly, Rex Shares seeks approval for multiple meme coin ETFs, including Dogecoin, Bonk (BONK), and Official Trump (TRUMP).