Basri Caneri 
The SEC has officially accepted Grayscale’s XRP and Dogecoin spot exchange-traded fund (ETF) applications. This development could be an important milestone for crypto investors.
Critical Period Begins in ETF Process
The SEC’s 19b-4 filings , approved on February 13, kick-started the formal review process for Grayscale’s XRP Trust and Dogecoin Trust ETFs. These filings will trigger a 240-day review period when they are registered in the SEC’s federal register. If this process begins immediately, the SEC will have until October 2025 to make a final decision.
The fact that the SEC has accepted ETF applications for Litecoin and Solana in recent weeks suggests that the new SEC policies under the Trump administration may take a more open approach to crypto assets. Previously, under former SEC Chairman Gary Gensler, several Solana ETF applications were rejected and Grayscale had to fight a long legal battle to convert its Bitcoin Trust into an ETF.
Could XRP and Dogecoin ETFs Be Approved?
Bloomberg ETF analysts James Seyffart and Eric Balchunas predict that XRP and Dogecoin ETF applications have a 65% and 75% chance of approval by the end of 2025, respectively. The Litecoin ETF has a 90% chance of approval.
However, the status of XRP is still unclear due to the SEC’s lawsuit against Ripple. In 2023, the court ruled that XRP is not a security when sold on exchanges, but the SEC has appealed this decision. Until this process is completed, it may be difficult for the XRP ETF to gain approval.
On the other hand, it is known that Dogecoin is not considered a security by the SEC. The fact that it has a similar structure to Bitcoin may make the approval process of the Dogecoin ETF application easier.
How Will the SEC’s Decision Affect the Crypto ETF Market?
The SEC’s approach to these applications could be a critical turning point for the future of crypto ETFs in the U.S. If XRP and Dogecoin ETFs are approved, it could pave the way for similar applications for other major altcoins and increase interest from institutional investors.
While the crypto market continues to face regulatory uncertainty, the SEC’s actions on these applications could accelerate the expansion of crypto investment products and the institutionalization of the market.
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