Hi, I'm Javeria, and I tried to find more information on the SEC's acknowledgment of Grayscale's ETF applications for XRP and DOGE, but it seems I've reached the end of my knowledge on this topic. You might want to try searching online for the latest updates and insights on this development.The US Securities and Exchange Commission (SEC) has officially acknowledged Grayscale's applications to list exchange-traded funds (ETFs) for XRP and Dogecoin (DOGE). This move marks a significant development in the cryptocurrency space, as it suggests the SEC may be shifting its approach to crypto-related ETFs ¹.
Grayscale, a leading crypto asset manager, filed Form 19b-4 with the SEC to list its XRP and DOGE trusts as ETFs. The acknowledgment by the SEC means that the clock will soon start for the agency to review and decide on the applications within a mandated 240-day deadline ².
This development has sparked optimism among investors, with Dogecoin's price surging 3% on Friday, extending its weekly gains to 17%. The acknowledgment has also led to a decline in open interest for Dogecoin, suggesting that short traders are closing their positions ³.
Bloomberg ETF analyst James Seyffart has predicted a 65% chance of approval for XRP and a 75% chance for DOGE. However, Seyffart noted that an XRP ETF is unlikely to be approved until the ongoing Ripple litigation with the SEC is resolved ².
The SEC's acknowledgment of Grayscale's filings is seen as a positive sign for altcoins, with Bloomberg Intelligence analyst Eric Balchunas stating that it "slightly increases our already optimistic odds of approval" ³.
*Key Takeaways:*
- *SEC Acknowledges Grayscale's Filings*: The SEC has officially acknowledged Grayscale's applications to list XRP and DOGE ETFs.
- *240-Day Review Period*: The SEC has 240 days to review and decide on the applications.
- *Positive Sentiment*: The acknowledgment has sparked optimism among investors, with Dogecoin's price surging 3% on Friday.
- *Predicted Approval Odds*: Bloomberg ETF analyst James Seyffart has predicted a 65% chance of approval for XRP and a 75% chance for DOGE.#BNBRiseContinues #CZBroccoliMeme #XRPETFs #CryptoETFs #SECApproval