SEC Acknowledges Grayscale’s Dogecoin and XRP ETF Filings

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The U.S. Securities and Exchange Commission (SEC) has officially acknowledged 19b-4 filings from Grayscale Investments to list spot Dogecoin and XRP exchange-traded funds (ETFs) on the NYSE Arca exchange. This marks a pivotal development in the ongoing expansion of cryptocurrency-based financial products in traditional markets.

If approved, the Grayscale Dogecoin Trust and Grayscale XRP Trust will be listed and traded publicly, offering investors regulated exposure to two of the most widely held digital assets outside of Bitcoin and Ethereum. The SEC’s acknowledgment, announced on February 13, 2025, sets the stage for a potential new era in crypto asset accessibility—though final approval is still months away.

Under SEC rules, the commission has up to 240 days to make a final decision once the filings are officially published in the Federal Register. This timeline allows regulators time to assess market impact, investor protection concerns, and compliance with securities laws.

Growing Momentum for Crypto ETFs

The crypto ETF landscape is rapidly evolving, with multiple major financial institutions and exchanges submitting proposals across various digital assets. In recent weeks, the Chicago Board Options Exchange (Cboe) filed four separate 19b-4 applications on behalf of asset managers including 21Shares, Bitwise, Canary Capital, and WisdomTree—all seeking to launch spot XRP ETFs.

These filings underscore growing institutional confidence in XRP as a viable asset class. Bitwise had previously submitted an S-1 registration form for its XRP ETF in October 2024, while Canary Capital has pursued similar filings not only for XRP but also for Litecoin, indicating a broader strategy to diversify crypto ETF offerings.

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This wave of applications comes amid a noticeable shift in regulatory tone at the SEC. With Mark Uyeda serving as acting chair, many analysts see signs of a more balanced—and potentially more crypto-friendly—approach emerging within the agency. While the SEC has historically been cautious about approving spot crypto ETFs beyond Bitcoin, these developments suggest that the door may now be opening for other major cryptocurrencies.

Litecoin Leads the Pack: Analysts Weigh In

Despite the flurry of activity around XRP and Dogecoin, industry experts believe Litecoin stands the best chance of receiving early approval. According to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas, a Litecoin ETF has a 90% probability of being approved by 2025.

Their analysis evaluates the regulatory viability of several spot crypto ETFs, ranking them based on market maturity, legal clarity, and precedent. Following Litecoin, a Dogecoin ETF ranks second with a 75% approval likelihood, then Solana ETF at 70%, and finally XRP ETF at 65%.

Seyffart emphasized one key obstacle for XRP: the unresolved legal battle between Ripple Labs and the SEC. He noted that “the SEC needs to untangle that mess” before it can confidently approve any XRP-related financial product. Until there is a definitive outcome—whether through settlement, court ruling, or regulatory clarification—the path to an XRP ETF remains uncertain.

Nasdaq Joins the Race with CoinShares

Adding further momentum, Nasdaq has filed two 19b-4 applications with the SEC on behalf of CoinShares for both a Litecoin ETF and an XRP ETF. These filings follow CoinShares’ submission of S-1 registration statements in January 2025, signaling serious intent to bring these products to market.

The proposed ETFs would list on Nasdaq under standard trading conventions, providing transparency, liquidity, and regulatory oversight. Like Grayscale’s submissions, these applications are now in the review pipeline, awaiting Federal Register publication to trigger the formal 240-day evaluation period.

This multi-exchange interest—from NYSE Arca, Cboe, and now Nasdaq—demonstrates that demand for diversified crypto ETFs is not limited to a single issuer or platform. It reflects a maturing ecosystem where digital assets are increasingly treated as legitimate components of investment portfolios.

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Core Keywords Driving Market Interest

As investor interest grows, so does search demand around key terms tied to this emerging trend. The core keywords shaping this narrative include:

These terms reflect both speculative interest and serious investment inquiry. They also align with high-volume search queries related to cryptocurrency regulation, ETF approval timelines, and institutional crypto adoption.

By naturally integrating these keywords into content that explains regulatory processes, market dynamics, and future outlooks, publishers can better serve users seeking timely, accurate insights.

Frequently Asked Questions (FAQ)

Q: What does the SEC’s acknowledgment of Grayscale’s filings mean?
A: It means the SEC has formally received and recognized the application to list spot Dogecoin and XRP ETFs. However, it does not indicate approval—only that the review process has begun.

Q: How long will it take for the SEC to decide on these ETFs?
A: The SEC has up to 240 days to make a decision after the filings are published in the Federal Register. That clock hasn’t started yet.

Q: Why is a Litecoin ETF more likely to be approved than an XRP ETF?
A: Because Litecoin lacks the complex legal disputes that surround XRP. The ongoing Ripple vs. SEC litigation creates uncertainty that regulators prefer to avoid.

Q: Can investors buy shares in these trusts now?
A: Not yet. These are pre-approval filings. Until the SEC grants final authorization, no public trading can occur.

Q: Are other companies besides Grayscale pursuing XRP ETFs?
A: Yes. Firms like Bitwise, WisdomTree, 21Shares, Canary Capital, and CoinShares have all filed applications or registration forms for XRP-based ETFs.

Q: Will approval of one crypto ETF increase chances for others?
A: Yes. Each successful launch builds regulatory precedent and reduces perceived risk for future approvals—especially for assets with similar market structures.

The Road Ahead for Crypto ETFs

The acknowledgment of Grayscale’s Dogecoin and XRP ETF filings represents more than just procedural progress—it signals growing acceptance of digital assets within mainstream finance. While hurdles remain, particularly for XRP due to its legal entanglements, the momentum behind spot crypto ETFs is undeniable.

With Litecoin leading in approval odds and multiple exchanges vying to host these products, 2025 could become a landmark year for cryptocurrency investment vehicles. As regulatory clarity improves and institutional infrastructure strengthens, investors may soon gain seamless access to diversified crypto exposure through familiar brokerage platforms.

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Whether it's Dogecoin’s cultural resonance, XRP’s utility in cross-border payments, or Litecoin’s technical stability, each asset brings unique value to the table. And as regulators adapt to this evolving landscape, the integration of digital assets into traditional markets appears increasingly inevitable.