SEC Acknowledges Grayscale’s Dogecoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has recognized Grayscale’s proposal for a Dogecoin exchange-traded fund (ETF) and is soliciting public comments.

In a 19b-4 form shared on Thursday, acknowledging NYSE Arca’s submission on behalf of Grayscale, the SEC requested that comments be submitted within 21 days of the publication in the Federal Register. After this period, the SEC may decide to approve, disapprove, or “institute proceedings” regarding the proposal.

A 19b-4 filing represents the second step in the dual-phase process for proposing a spot crypto ETF. Once the SEC acknowledges the filing, it will be made public in the Federal Register, which starts the approval process.

Grayscale introduced the Dogecoin Trust in late January, asserting that the token has “transitioned from a memecoin of a Shiba Inu to a tool for global financial inclusion, grassroots activism, and a viable means of payment.” DOGE currently ranks as the eighth largest cryptocurrency, as per The Block’s price page. It was originally created as a fun alternative to Bitcoin, with billionaire Elon Musk being one of its most notable supporters.

On the same day, the SEC also acknowledged NYSE Arca’s 19b-4 form for the Grayscale XRP Trust.

In recent weeks, numerous firms have submitted proposals for various crypto ETFs, encompassing assets from Solana to Dogecoin, to determine whether the SEC will approve them. The agency’s attitude towards crypto has shifted following the departure of former SEC Chair Gary Gensler, who had expressed skepticism about cryptocurrencies, branding most of them as securities.

Earlier, the SEC had approved the listing of spot Bitcoin ETFs in January 2024, followed by approval for spot Ethereum ETFs later that year.