The world of cryptocurrency is inching closer to a pivotal milestone: the potential launch of spot XRP and Dogecoin exchange-traded funds (ETFs) in the United States. The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s filings for both ETFs, marking the beginning of a formal review process that could culminate in approvals by mid-October 2025.
This development signals a notable shift in the regulatory landscape, especially when compared to previous years when the SEC routinely dismissed or delayed crypto-related financial products. The acknowledgment of Grayscale’s Form 19b-4 filings on February 13 initiates a 240-day review window—a timeline that regulators must follow once the filings are published in the Federal Register, an expected step within days.
What the SEC Acknowledgment Means
While the SEC’s acknowledgment does not guarantee approval, it is far from a procedural formality. It confirms that the agency has accepted the filings for active review, setting the regulatory clock in motion.
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Fox Business journalist Eleanor Terrett emphasized that this step reflects a more open-minded approach from the current SEC leadership. Unlike under former chair Gary Gensler, who maintained a cautious-to-hostile stance toward many crypto assets, the agency now appears willing to engage with innovative financial instruments like spot crypto ETFs.
Terrett noted that just months ago, major exchanges withdrew their Solana ETF applications after receiving clear signals from the SEC that such proposals wouldn’t be entertained. Today, the environment feels different. With new leadership and growing inter-agency discussions—such as recent talks between the SEC and CFTC about forming a joint crypto regulatory panel—the door is opening wider for digital asset integration into traditional finance.
The Road to Market: Timeline and Expectations
Once the Grayscale filings enter the Federal Register, the 240-day countdown begins. If processed promptly, this timeline points to a final decision around mid-October 2025—a date now circled by investors, analysts, and crypto advocates alike.
NYSE Arca played a key role by submitting a proposed rule change on January 30 to list shares of the Grayscale XRP Trust, followed by a similar filing for the Grayscale Dogecoin Trust on January 31. These steps were necessary precursors to SEC review and demonstrate institutional readiness to support trading if approvals come through.
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas have assessed the odds favorably: they estimate a 65% chance of approval for the XRP ETF and a 70% probability for the Dogecoin ETF. These figures reflect growing confidence based on recent precedents, including the landmark approval of spot Bitcoin ETFs in early 2024.
Industry Momentum Builds Behind XRP and DOGE ETFs
Grayscale may have led the charge, but it’s not alone. Four other major financial firms—Bitwise, 21Shares, Canary Capital, and WisdomTree—have also filed their own XRP ETF proposals. While these remain in the pre-acknowledgment phase, their existence underscores strong market demand and institutional interest.
The combined momentum suggests that even if Grayscale’s application encounters hurdles, alternatives are ready to step in. This competitive pipeline increases pressure on the SEC to apply consistent standards across all applicants—an important factor in ensuring fair market access.
For investors, the implications are significant. An approved XRP or Dogecoin ETF would offer regulated, accessible exposure to these digital assets without requiring direct ownership or custody of tokens. This lowers barriers for retail and institutional participants alike, potentially unlocking billions in new capital flows.
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Core Keywords Driving Market Interest
As search trends and investor queries evolve, several core keywords have emerged as central to this narrative:
- XRP ETF
- Dogecoin ETF
- Grayscale ETF filings
- SEC crypto regulation
- spot cryptocurrency ETF
- crypto investment products
- NYSE Arca crypto listings
- Bitcoin ETF precedent
These terms reflect both technical aspects of the regulatory process and broader consumer interest in accessible crypto investing. They appear naturally throughout financial news coverage, investor forums, and search engine queries—making them essential for SEO optimization and content relevance.
Frequently Asked Questions (FAQ)
Q: Does SEC acknowledgment mean the XRP and Dogecoin ETFs are approved?
A: No. Acknowledgment means the SEC has accepted the filings for review. It starts a 240-day evaluation period during which the agency will assess compliance with securities laws. Approval is not guaranteed.
Q: When will we know if the ETFs are approved?
A: If the filings are published in the Federal Register soon after acknowledgment, a final decision could come by mid-October 2025—barring any delays or requests for public comment.
Q: Why are XRP and Dogecoin being considered now?
A: Regulatory sentiment has shifted. After approving spot Bitcoin ETFs, the SEC faces increased pressure to treat other major cryptocurrencies consistently. Market maturity and investor demand also play key roles.
Q: Can I invest in these ETFs today?
A: Not yet. The funds are still under regulatory review. Until official approval is granted and shares begin trading on exchanges like NYSE Arca, no public investment is possible.
Q: How do these ETFs differ from holding XRP or DOGE directly?
A: ETFs allow investors to gain price exposure through traditional brokerage accounts without managing private keys or using crypto exchanges. This offers greater convenience and regulatory protection.
Q: What happens if the SEC rejects the applications?
A: Rejection doesn’t end the effort. Grayscale and others could revise their proposals, appeal decisions, or wait for further regulatory clarity—just as they did successfully with the Bitcoin ETF.
Final Outlook: A New Chapter for Crypto Regulation?
The acknowledgment of Grayscale’s XRP and Dogecoin ETF filings may seem like a small bureaucratic step, but its symbolic and practical weight is substantial. It reflects a maturing relationship between regulators and innovators in the digital asset space.
With favorable analyst forecasts, multiple competing applications, and evolving leadership at the SEC, 2025 could become a landmark year for crypto ETF diversification beyond Bitcoin and Ethereum.
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As the review process unfolds, all eyes will be on Washington—and on Wall Street—for signs of whether this momentum leads to actual market access. For now, optimism is justified, but patience remains essential.