SEC moves forward with weighing proposals for Grayscale's XRP and Dogecoin ETFs

The U.S. Securities and Exchange Commission has acknowledged Grayscale's proposal for a Dogecoin exchange-traded fund and is asking for public comments.

In a 19b-4 form posted on Thursday acknowledging NYSE Arca's filing, on behalf of Grayscale, the SEC asked for those comments to be filed 21 days after being published in the Federal Register. Following that, the SEC could decide to approve, disapprove or "institute proceedings."

 A 19b-4 filing is the second part of a two-step process for proposing a spot crypto ETF. Once the SEC acknowledges the filing, it will be published in the Federal Register, initiating the agency's approval process.

Grayscale launched the Dogecoin Trust in late January and said 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," the firm previously said.

DOGE is the eighth largest cryptocurrency, according to The Block's price page. It was created as a fun alternative to bitcoin and billionaire Elon Musk has become one of its biggest fans.

Also on Thursday, the agency acknowledged NYSE Arca's 19b-4 form, on behalf of Grayscale, for the Grayscale XRP Trust.

Over the past several weeks, multiple firms have proposed a variety of crypto ETFs from Solana to Dogecoin to see if the SEC will sign off. The agency has turned a regulatory leaf following former SEC Chair Gary Gensler's leave last month — Gensler had been skeptical of crypto, calling most cryptocurrencies securities.

The SEC previously approved the listing of spot Bitcoin ETFs in January 2024 and, later that year, spot Ethereum ETFs.