Grayscale XRP Trust and Grayscale Dogecoin Trust have been recognized by the SEC

The U.S. Securities and Exchange Commission (SEC)(SEC) has begun to review proposed rule changes to allow NYSE Arca to list and trade shares of Grayscale XRP Trust and Grayscale Dogecoin Trust. SEC begins reviewing applications for Grayscale XRP Trust and Grayscale Dogecoin Trust within 240 days This agency has confirmed receipt of Grayscale's Form 19b-4 on February 13, initiating a potential 240-day review process. The formal review process begins after the filing is posted on the SEC's federal registration system, usually taking place within a few days. If the process starts now, the SEC's final decision will be made in mid-October. Bloomberg's ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of XRP ETF approval and a 75% chance of Dogecoin ETF approval by the end of 2025.

This development comes after the SEC recently acknowledged ETF applications for Litecoin and Solana. Under former SEC Chairman Gary Gensler, the regulatory agency had previously rejected numerous Solana and Grayscale ETF applications, prompting a legal battle to push for approval to convert its Bitcoin trust fund into an ETF. Challenges regarding regulations and legal disputes are currently happening with XRP The confirmation of the application for Grayscale XRP Trust comes amid ongoing legal disputes between Ripple and the SEC regarding the regulatory status of XRP. In August 2023, a court ruled that XRP is not a security when traded on the secondary market, although the SEC continues to argue that Ripple violated securities laws by selling directly to retail investors.

For Dogecoin, originally created as a joke cryptocurrency in 2013, SEC approval could bring a level of credibility that enhances its position in the market.