Dogecoin and XRP ETFs under the 33 Act could get the SEC’s approval as soon as next month, based on the final deadline and amid the SEC’s new rule. This comes as fund issuers are expected to file final amendments before the end of this week, representing a positive step towards potential SEC approval.
Dogecoin and XRP ETF Issuers To File Amendment Soon
According to a Reuters report, a final wave of amendments could be filed by the end of this week, citing three people familiar with the matter. Meanwhile, Bitwise President Teddy Fusaro revealed that these filings, including the Dogecoin and XRP ETFs they have both filed for, are far along in the review process. He added that the generic listing standards are what they had been anticipating.
As Bloomberg analysts James Seyffart and Eric Balchunas have previously suggested, amendments usually represent a positive for the SEC’s potential approval, although they are typically expected. Based on Fusaro’s comment, the Dogecoin and XRP ETFs could contain amendments that seek approval for these funds under the SEC’s generic listing standards for ETFs.
Seyffart had previously mentioned that it was unclear what the new SEC rule would mean for the pending 33 Act filings, including the Dogecoin and XRP ETFs. However, amendments seeking approval under the new rule could hasten their launch since coins like Dogecoin and XRP meet the predetermined requirements for launch.
Regardless of what happens, the Dogecoin and XRP ETFs could receive SEC approval by mid-October, based on the final deadline for Grayscale’s Dogecoin and XRP filings, which is set for October 18. The commission could approve these funds simultaneously, just as it did with the Bitcoin and Ethereum ETFs.
Notably, the final deadlines for the other ETFs, except Franklin Templeton’s, come in quick succession following Grayscale’s October 18 deadline. Meanwhile, the final deadlines for Bitwise and 21Shares Dogecoin ETFs do not come until November. The 21Shares DOGE ETF was recently listed on the DTCC, sparking optimism for an imminent launch.
Two XRP Funds Already Launched Under New SEC Rule
It is worth mentioning that Hashdex got the SEC’s approval to expand its crypto index from just BTC and ETH to include XRP, SOL, and XLM under the generic listing standards. This is one of the two multi-asset funds that offer spot exposure to XRP. Grayscale had last week launched its CoinDesk Crypto 5 ETF, which also holds spot XRP and offers exposure to the altcoin.
Meanwhile, REX-Osprey launched the first Dogecoin and XRP ETFs last week, although this was under the 40 Act, not the 33 Act. Seyffart has also highlighted that these funds aren’t “pure” spot ETFs, as they do not hold 100% spot of the underlying asset.
