- Asset supervisor 21Shares has submitted a proposal to record a spot Dogecoin exchange-traded fund (ETF).
- Different corporations, together with Grayscale, Bitwise, and REX Shares, have additionally submitted purposes for comparable Dogecoin ETFs.
- The SEC is at present mentioned to be reviewing over 70 crypto ETF purposes,
Asset supervisor 21Shares has submitted a proposal to record a spot Dogecoin exchange-traded fund (ETF), marking the newest in a collection of filings aimed toward bringing crypto-related funding merchandise to the mainstream.
The Nasdaq Inventory Market filed the required 19b-4 doc on Tuesday, a required step within the Securities and Trade Fee’s (SEC) ETF approval course of.
The 19b-4 submitting follows 21Shares’ preliminary S-1 registration submitted on April 9.
Within the earlier submitting, the agency disclosed an unique partnership with the Home of Doge to create funds backed by the Dogecoin Basis.
As soon as the SEC acknowledges the 19b-4, it will likely be printed within the Federal Register, starting the formal evaluation interval.
Different corporations, together with Grayscale, Bitwise, and REX Shares, have additionally submitted purposes for comparable Dogecoin ETFs.
The filings come because the SEC indicators a departure from its earlier method to digital property.
Management change on the SEC
The regulatory shift follows the appointment of Paul Atkins as SEC Chairman on April 21.
Nominated by President Donald Trump, Atkins has taken a important view of the company’s prior insurance policies underneath the Biden administration and former Chairman Gary Gensler.
“Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” Atkins mentioned final week.
Atkins’ affirmation, following a contentious Senate vote, is anticipated to speed up choices on a rising variety of crypto-related proposals.
Appearing Chair Mark Uyeda had beforehand delayed main rulings, and insiders attribute this to the dearth of everlasting management.
Crypto ETF backlog grows
The SEC is at present mentioned to be reviewing over 70 crypto ETF purposes, together with merchandise tied to main altcoins similar to XRP, Solana, and Litecoin, in addition to meme-themed and leveraged choices.
Analyst Eric Balchunas referred to as the ETF queue “wild,” noting the inclusion of all the pieces from “Penguins, Doge, and 2x Melania.”
Bloomberg analysts in February estimated the very best chance of approval for Litecoin ETFs at 90%, adopted by Dogecoin at 75%.
This current push follows the company’s approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, each of which had been seen as watershed moments for the crypto funding panorama.
As of the time of writing on Tuesday, the worth of Dogecoin was up 0.4% to $0.1789.
