XRP and Dogecoin ETFs Take Big Step as SEC Reviews Grayscale’s Filings

Key Takeaways:  

• The SEC has acknowledged Grayscale’s filings for XRP and Dogecoin ETFs and is starting the review process. 

• A final decision on approval could come as early as mid-October after a 240-day review period. 

• While acknowledgment doesn’t guarantee approval, it signals a shift in the SEC’s approach under new leadership, which is more open to crypto ETF proposals. 

• Other issuers, including Bitwise, 21Shares, and WisdomTree, have also filed XRP ETF proposals and are awaiting acknowledgment. 

• Bloomberg analysts estimate high approval chances for both XRP and Dogecoin ETFs at 65% and 70%, respectively.   

Grayscale’s XRP and Dogecoin ETF Filings Receive SEC Acknowledgment 

The United States Securities and Exchange Commission, i.e. SEC, officially acknowledged Grayscale’s filings for spot XRP and Dogecoin ETFs. This marks an important milestone in the process of bringing the two highly anticipated crypto products to market. The SEC’s acknowledgment on February 13, 2025, sets the stage for a 240-day review period. During this time the commission will assess whether to approve or reject the proposed funds. 

Review Process and Timeline 

The SEC’s review process officially began after Grayscale’s filings were added to the Federal Register, which is a key step before a final decision can be made. Once published, the 240-day review period starts, meaning the SEC could reach a verdict by mid-October if there are no major delays. 

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SEC’s Changing Approach on Crypto ETFs 

While the SEC’s acknowledgment of Grayscale’s filings doesn’t guarantee approval, it marks a significant shift in the agency’s approach under its new leadership. As Fox Business journalist, Eleanor Terrett explained, the acknowledgment doesn’t mean “automatic approval,” but it still signals a notable change in the SEC’s stance. She pointed out that the agency, under its current leadership, is “more open-minded” and willing to engage with crypto ETF proposals rather than outright dismissing them. 

This change follows the SEC’s earlier reluctance to consider Solana ETFs in December. Now, the current leadership shows a greater willingness to entertain crypto ETF applications, raising hopes that XRP and Dogecoin ETFs could soon become a reality. 

Terrett also mentioned that in December, exchanges withdrew their Solana ETF applications after the SEC, led by Gary Gensler at the time, signaled it wouldn’t engage with them. With the new leadership, however, the SEC seems more willing to consider such filings, fueling optimism about the launch of these crypto products. 

Potential Impact of ETF Approval on XRP and Dogecoin Prices 

The approval of XRP and Dogecoin ETFs could drive significant price movements by attracting institutional investors and enhancing market legitimacy. Past ETF approvals, like Bitcoin’s in early 2024, led to sharp price increases. Considering the coin prices, as of February 14, 2025, XRP is trading at $2.75, on the other hand Dogecoin is at $0.27. While ETF approvals can boost prices, factors like regulatory changes, market sentiment, and macroeconomic conditions will still affect the prices of XRP and Dogecoin. 

Source: TradingView

Source: TradingView

Looking Forward 

The attention is now turning to other XRP ETF proposals from issuers like Bitwise, 21Shares, Canary Capital, and WisdomTree. These filings are also awaiting the SEC’s acknowledgment, and the market is eagerly watching the commission’s next steps. 

Bloomberg analysts estimate the chances of both the XRP and Dogecoin ETFs receiving approval at 65% and 70%, respectively, indicating a high probability of these products launching later this year. Investors and enthusiasts alike are now anticipating a significant shift in crypto investment, with the SEC’s decision expected to shape the future of crypto ETFs.