The U.S. Securities and Exchange Commission (SEC) has officially acknowledged filings from crypto asset manager Grayscale to list spot exchange-traded funds (ETFs) for XRP and Dogecoin. The acknowledgment, issued on February 13, marks the first step in the SEC’s review process, setting the stage for a potential decision within the next 240 days.
The 240-day review period will begin once the filings are published in the SEC’s federal register, which typically occurs within a few days. If entered immediately, the deadline for the SEC’s decision would fall around mid-October 2025.
Grayscale’s move follows the recent acknowledgment of applications for Litecoin and Solana ETFs. These developments suggest a possible shift in the SEC’s stance toward crypto-related financial products under its current leadership.
SEC’s Changing Approach to Crypto ETFs
Under former SEC Chair Gary Gensler, the commission previously rejected multiple Solana ETF applications, and Grayscale had to take legal action to push for the approval of its Bitcoin trust conversion into an ETF. However, recent acknowledgments hint at a more receptive approach toward crypto ETFs.
Bloomberg ETF analysts James Seyffart and Eric Balchunas predict a 65% chance for an XRP ETF and a 75% chance for a Dogecoin ETF approval before the end of 2025. The analysts are even more optimistic about a Litecoin ETF, assigning a 90% probability of approval before year-end.
Despite the optimism, regulatory concerns persist over XRP’s status as a security. Seyffart suggests that an XRP ETF is unlikely to receive approval until the SEC’s lawsuit against Ripple Labs reaches a definitive conclusion. In August 2023, a court ruled that XRP was not a security when sold on secondary markets, but the SEC has appealed the decision, arguing that Ripple violated securities laws in direct sales to retail investors.
Dogecoin’s Path to ETF Approval
Unlike XRP, Dogecoin may face a smoother path toward ETF approval, as the SEC has not explicitly classified it as a security. The cryptocurrency shares structural similarities with Bitcoin, a digital asset for which the SEC has already approved ETFs. This could improve Dogecoin’s chances of securing regulatory approval in the coming months.
The SEC’s decisions on these ETFs will be closely watched, as they could set a precedent for future crypto asset listings in the U.S. financial markets.
