Dogecoin & XRP ETFs Under SEC Review – A Shift in Stance?

• The SEC acknowledges Grayscale’s DOGE XRP ETFs, enhancing crypto investment opportunities.  
• With these ETFs, investors can gain exposure to the tokens without owning them.  
• A 240-day review process will determine the SEC’s approval of the crypto ETFs.

The U.S. Securities and Exchange Commission (SEC) has formally acknowledged Grayscale’s and the New York Stock Exchange’s  19b-4 proposals to establish exchange-traded funds (ETFs)  for Dogecoin and XRP. This development signals the government’s openness to crypto-based funding vehicles. Though acknowledgment does not equate to approval, it initiates the SEC’s review process, which includes a 240-day assessment window.  

Regulatory Progress and the Review Timeline 

The SEC’s acknowledgment follows NYSE Arca’s January 31 filing of its 19b-4 form for the Grayscale Dogecoin Trust, shortly after Grayscale introduced its DOGE trust product. This trust, if approved, would allow investors exposure to Dogecoin without directly holding the asset. Additionally, the proposed ETF structure places administration and transfer agent duties under BNY Mellon, while Coinbase Custody Trust Company assumes custodianship.  

SEC procedures dictate that once the 19b-4 applications are published in the Federal Register, a 45-day initial review period begins, which can be extended. According to ETF analyst James Seyffart, the evaluation process applies to both Grayscale’s DOGE and XRP ETF applications. Notably, the SEC has also accepted NYSE Arca’s 19b-4 filing to convert the XRP Trust into an ETF, a fund that managed $16.1M in assets as of January 22, 2025.  

A  Shift in SEC’s Crypto Point Of View?  

According to sources, this acknowledgment reflects a departure from the SEC’s hesitance toward crypto ETFs. In December, exchanges withdrew Solana (SOL) ETF applications after former SEC Chair Gary Gensler signaled non-engagement. However, regulatory attitudes appear to be shifting with the DOGE and XRP filings now under review.  

Besides Grayscale, other firms—including Bitwise, 21Shares, Canary Funds, and WisdomTree—are awaiting acknowledgment of their respective XRP ETF documents. The SEC’s stance on these applications will be important in determining the market acceptance of crypto-based ETFs.  

Related: Grayscale Files for Cardano ETF to Expand Crypto Offerings

Implications for Crypto Investment  

The notice of a DOGE ETF squarely fits into the demand for exposure from investors in a token that has grown much over the last few years. The ETFs, if approved, would create a route of investment for both DOGE and XRP holders. With the recent acceptance of spot Bitcoin and Ethereum ETFs, the acknowledgment of DOGE and XRP applications raises an important question: Is the SEC becoming more accepting of crypto ETFs under new leadership? As legal shifts unfold, traders and industry participants will closely monitor developments in the upcoming months.

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