SEC Recognizes Grayscale XRP and DOGE ETF Filings

The U.S. Securities and Exchange Commission (SEC) has acknowledged filings from crypto asset manager Grayscale to introduce spot exchange-traded funds (ETFs) for XRP and Dogecoin.

On Feb. 13, the SEC formally acknowledged Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and Grayscale Dogecoin Trust.

This acknowledgment signals that the regulatory review process will soon begin, with the SEC required to make a decision within a 240-day timeframe.

The countdown will start once Grayscale’s filings are recorded in the SEC’s federal register, a process that typically occurs within days.

If entered immediately, the final deadline for the SEC’s decision would fall around mid-October.

In the past two weeks, the SEC has also recognized applications for ETFs tied to Litecoin and Solana.

This suggests a shift in the agency’s approach to crypto-related ETF listings compared to its stance under the Trump administration.

During Gary Gensler’s tenure as SEC Chair, the agency reportedly rejected multiple Solana ETF applications, and Grayscale had to engage in a prolonged legal battle to compel the SEC to consider approving the conversion of its Bitcoin trust into an ETF.

Bloomberg ETF analysts James Seyffart and Eric Balchunas recently estimated that the likelihood of approval for an XRP ETF is 65%, while Dogecoin’s chances stand at 75%—both before the end of 2025.

They have also projected a 90% probability that a Litecoin ETF will be approved by the end of this year.

XRP’s status as a security remains uncertain, with Seyffart suggesting that an ETF approval is unlikely until the SEC’s lawsuit against Ripple Labs reaches a conclusion.

Ripple achieved a partial legal victory in August 2023 when a ruling determined that XRP was not classified as a security in secondary market sales.

However, the SEC appealed the decision, arguing that Ripple had violated securities laws by selling XRP to retail investors.

In contrast, Dogecoin’s regulatory path may be simpler, as the SEC has not indicated whether it considers the cryptocurrency a security.

Additionally, Dogecoin shares several characteristics with Bitcoin, which already has SEC-approved ETFs.

Sources:

https://cointelegraph.com/news/sec-acknowledges-grayscales-xrp-dogecoin-etf-filings

https://www.sec.gov/files/rules/sro/nysearca/2025/34-102420.pdf