New ETF applications filed with the SEC

The crypto investment firm Grayscale launched a new application filed for a Hedera ETF, official documents show. The Nasdaq exchange filed a 19b-4 application with the US regulator SEC on behalf of the asset manager.

A 19b-4 application is an essential part of the two-step process of getting approval for a crypto-ETF with the SEC. Once officially approved, the application is published in the Federal Register, which begins the SEC's review process.

The SEC typically takes 45 days to review an application after it is placed in the Federal Register. During this time, the regulator analyzes the application and solicits public feedback.

At the end of this period, the SEC can approve, reject or defer the proposed amendment. The entire approval process can take up to 240 days in total.

Grayscale has additionally submitted applications for spot ETFs tracking the cryptocurrencies Polkadot (DOT), XRP, Dogecoin (DOGE) and Cardano (ADA).

At the same time, the New York Stock Exchange (NYSE) Arca issued a 19b-4-application filed for a Dogecoin ETF from Bitwise. Bitwise had first filed this ETF via an S-1 form back in January.

On Feb. 13, the SEC officially approved Grayscale's Dogecoin ETF application, meaning the review process has begun. A possible deadline for the final decision could be mid-October.

If approved, the application would be one of the first memecoin ETFs in the US, providing both institutional and retail investors with regulated access to Dogecoin.