Grayscale XRP Trust and Grayscale Dogecoin Trust Have Been Acknowledged by the SEC
Key Points:
- The SEC started reviewing Grayscale’s applications to list shares of Grayscale XRP Trust and Grayscale Dogecoin Trust on NYSE Arca.
- The acknowledgement follows previous SEC rejections of Solana ETFs, while Ripple continues its dispute with the SEC over XRP’s classification.
The U.S. Securities and Exchange Commission (SEC) has begun reviewing proposed rule changes that would allow NYSE Arca to list and trade shares of the Grayscale XRP Trust and Grayscale Dogecoin Trust.
Read more: Grayscale XRP Trust Is Now Launched for Accredited Investors
SEC Begins Review of Grayscale XRP Trust and Grayscale Dogecoin Trust Applications for 240 Days
The agency acknowledged Grayscale’s Form 19b-4 filings on February 13 with the start of a regulatory process that could take up to 240 days.
The review period officially begins once the filings are published in the SEC’s federal register, which typically occurs within days. If the process starts now, the SEC’s final decision would be due by mid-October.
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of approval for an XRP ETF and a 75% likelihood for Dogecoin ETF before the end of 2025.
The development follows the SEC’s recent acknowledgements of ETF applications for Litecoin and Solana. Under former SEC Chair Gary Gensler, the regulator had previously rejected multiple Solana ETF applications, and Grayscale had to pursue a legal battle to push through the approval of its Bitcoin trust conversion into an ETF.
Regulatory Challenges and Ongoing Legal Disputes For XRP
The acknowledgement of the Grayscale XRP Trust application comes amid ongoing legal disputes between Ripple and the SEC regarding XRP’s regulatory status.
In August 2023, a court ruled that XRP was not a security when traded on secondary markets, though the SEC continues to argue that Ripple violated securities laws in its direct sales to retail investors.
For Dogecoin, which originated as a joke cryptocurrency in 2013, SEC approval could provide a level of credibility that enhances its market standing.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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