SEC recognizes Dogecoin and XRP ETF applications

The U.S. Securities and Exchange Commission (SEC) has recognized a proposal from Grayscale for a Dogecoin ETF. On the same Thursday, the agency acknowledged NYSE Arca's 19b-4 form on behalf of Grayscale for their XRP Trust, according to Bloomberg ETF analyst James Seyffart on Platform X.

Under the new leadership of Mark Uyeda, the SEC is still showing a constructive approach to dealing with listed crypto products. Investors had already hoped for a more moderate stance from the authority before the change in leadership. The SEC's creation of a special crypto task force further reinforces this optimism.

Since Gary Gensler's resignation, the SEC has received a number of applications for various Altcoin ETFs, including for Dogecoin, Solana, XRP and Litecoin. At this time, approvals for these assets seem most likely.

The recognition of the relevant applications is a further step in the multiple process for issuing a spot crypto-ETF in the US. The SEC will now collect public and applicant comments within 21 days. After that, the authority can decide to approve, reject or investigate the application.

At the same time, James Seyffart reports that on today, Feb. 14, the first crypto index ETF at NASDAQ will launch. Issued by Hashdex, it will initially include only Bitcoin and Ethereum, which had already been approved by the SEC under Gensler.

According to Seyffart, with the approval of more crypto-ETFs, the ETF will begin to include other altcoins. Potential additions could include Cardano, Avalanche, Uniswap, Chainlink, as well as XRP, Litecoin and Solana.