21Shares has submitted its proposal to launch the first Dogecoin ETF at a time when the Nasdaq stock exchange has submitted a 19b-4 proposal to the Securities and Exchange Commission.
This move comes in a more favorable regulatory climate under the leadership of new SEC chairman Paul Atkins, increasing optimism about approvals for exchange-traded funds in alternative currencies.
21Shares has elevated its proposal for a Dogecoin exchange-traded fund (ETF) to a new level. On Tuesday, the Nasdaq Stock Market Limited submitted a 19b-4 application to the U.S. Securities and Exchange Commission (SEC) for the listing and trading of shares of the 21Shares Dogecoin exchange-traded fund.
This step represents the second step in the regulatory approval process, after 21Shares submitted its initial S-1 registration on April 9. Following this registration now, the proposal awaits approval from the U.S. Securities and Exchange Commission and subsequent publication in the federal register, which will trigger the agency's official review.
As part of the Dogecoin exchange-traded fund initiative, 21Shares has also announced an exclusive partnership with Dogecoin, with the project receiving support from the Dogecoin Foundation. This collaboration aims to establish credibility and community support for the fund, which could be the first of its kind if approved.
The push for a Dogecoin exchange-traded fund comes amid a broader shift in the U.S. Securities and Exchange Commission's (SEC) approach to cryptocurrencies under new leadership. Paul Atkins, known for his support of cryptocurrencies, took the oath of office as chairman of the SEC on April 21 after being nominated by President Donald Trump.
Atkins publicly criticized the previous administration's stance on cryptocurrency regulation.
Unfortunately, innovation has been stifled over the past few years due to market uncertainty and regulation that the Securities and Exchange Commission has unfortunately reinforced.
Atkins stated last week:
21Shares is not the only company seeking to launch an exchange-traded fund for Dogecoin. Grayscale, Bitwise, and REX Shares have also submitted proposals in recent months, with increasing interest in investment vehicles based on alternative currencies.
It is worth noting that Bloomberg analysts earlier this year predicted a 75% chance of approval for Dogecoin exchange-traded funds, ranking second.
The current climate is bolstered by recent approvals issued by the U.S. Securities and Exchange Commission for Bitcoin exchange-traded funds in January and Ethereum exchange-traded funds in July, opening the door for more funds based on alternative currencies.
Despite this momentum, Dogecoin is trading at $0.1781 after a 1.70% increase over the past twenty-four hours. Notably, this digital asset has seen increases of 4.23% and 5.76% over the past week and month, respectively, reaching $26.58 billion.
With Nasdaq now supporting the proposal and the presence of new cryptocurrency-friendly leadership at the U.S. Securities and Exchange Commission, the 21Shares Dogecoin ETF may be well-positioned to open new horizons in the expanding landscape of regulated digital asset products.
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