SEC Acknowledges Grayscale’s XRP and Dogecoin ETF Filings: Details

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged filings from crypto asset manager Grayscale to list spot ETF funds for XRP and Dogecoin (DOGE), marking a significant step forward in the growing wave of crypto investment products.

The SEC’s acknowledgment of Grayscale’s Form 19b-4 filings on Feb. 13 initiates the regulatory process, giving the agency up to 240 days to evaluate and rule on the applications. The review period will formally begin once the filings are entered into the Federal Register, a process that typically takes a few days. If processed immediately, a final decision could be expected by mid-October 2025.

This move follows a recent trend of increased engagement from the SEC under the Trump administration, signaling a potential shift in the agency’s approach to cryptocurrency-related financial products. Over the past two weeks, the SEC has also acknowledged filings for Litecoin (LTC) and Solana (SOL) ETFs, further suggesting that the regulatory landscape may be evolving in favor of expanded crypto investment offerings.

XRP ETF Faces Different Regulatory Hurdles

While the acknowledgment of these filings is a positive step, the path to approval remains uncertain. Bloomberg ETF analysts James Seyffart and Eric Balchunas have given XRP’s ETF bid a 65% chance of approval before the end of 2025, while Dogecoin’s ETF prospects are slightly higher at 75%. The analysts also placed 90% odds on Litecoin (LTC) receiving SEC approval within the year.

One of the primary challenges facing an XRP ETF is its ongoing legal battle with the SEC . In August 2023, a court ruled that XRP was not a security when sold on secondary markets, providing Ripple Labs with a partial victory. However, the SEC continues to pursue its case, arguing that Ripple violated securities laws when selling XRP to retail investors. Until this legal uncertainty is resolved, the approval of an XRP ETF remains in question.

On the other hand, unlike XRP, the SEC has not classified Dogecoin as a potential security, and its underlying structure closely resembles Bitcoin, which already has approved ETF products. This alignment with Bitcoin’s regulatory framework could work in Dogecoin’s favor during the SEC’s review process.

Shifting SEC Stance and Market Impact

Under former SEC Chair Gary Gensler, the commission was largely resistant to approving crypto-related ETFs , rejecting multiple applications, including those for Solana. Grayscale was forced into a legal battle to get the SEC to consider converting its Bitcoin Trust into a spot ETF, a fight that ultimately ended in Grayscale’s favor.

With the recent filings now in the regulatory pipeline, market participants will be closely watching the SEC’s response. If approved, these ETFs could provide traditional investors with a regulated gateway into the crypto market.