Breaking news, folks! The US Securities and Exchange Commission (SEC) has finally acknowledged filings from the ever-so-daring Grayscale to list spot XRP and Dogecoin exchange-traded funds (ETFs). Can you believe it? 🤯
On Feb. 13, the SEC gave a nod to Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and the Grayscale Dogecoin Trust. This means the SEC’s clock is ticking, and they have a mandated 240-day deadline to make a decision. *cue dramatic music*
The 240-day timer starts when Grayscale’s filings hit the federal register, which usually happens within days. If it’s entered now, the SEC’s decision deadline will be in mid-October. Mark your calendars! 🗓️
But wait, there’s more! Over the last two weeks, the SEC has also acknowledged applications for Litecoin (LTC) and Solana (SOL) ETFs. It seems like the SEC’s leadership under the Trump administration has had a change of heart when it comes to crypto-related listings. 🤷♀️
Under former SEC Chair Gary Gensler, the agency reportedly rejected at least two Solana ETF applications. Grayscale even had to fight a lengthy court battle to get the SEC to consider approving the conversion of its Bitcoin trust into an ETF. Talk about a wild ride! 🎢
Bloomberg ETF analysts James Seyffart and Eric Balchunas are feeling optimistic. They predict that XRP (XRP) and Dogecoin (DOGE) ETF bids have a 65% and 75% chance of being approved before the end of 2025. And get this, they’re giving 90% odds of a Litecoin (LTC) ETF being approved before the year ends. Whoa! 🚀
However, there are still some questions about XRP’s security status. Seyffart thinks an XRP ETF won’t be approved until the SEC’s lawsuit against Ripple Labs is fully resolved. Ripple had a partial victory in August 2023, when it was ruled that XRP wasn’t a security when sold on secondary markets. But the SEC appealed, claiming Ripple breached securities laws when it sold XRP to retail investors. It’s like a never-ending soap opera! 📺
Dogecoin, on the other hand, might have an easier time. The SEC hasn’t said if it could be a security, and Dogecoin shares many similarities with Bitcoin, for which the SEC has approved ETF products. So, fingers crossed for our favorite meme coin! 🐶
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2025-02-14 07:41