The U.S. Securities and Exchange Commission (SEC) has formally acknowledged Grayscale’s filings to list spot XRP and Dogecoin exchange-traded funds (ETFs), marking a key step in the regulatory review process.
On Feb. 13, the SEC accepted Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and Grayscale Dogecoin Trust. This acknowledgment means the agency will soon begin its review, with a decision required within 240 days.
The official countdown will start once the filings are published in the SEC’s federal register, a process that typically occurs within a few days. If entered now, the final decision would be expected around mid-October.
In recent weeks, the SEC has also acknowledged applications for spot Litecoin and Solana ETFs, signaling a shift in its stance toward crypto-related investment products under the Trump administration.
Under former SEC Chair Gary Gensler, the commission rejected at least two Solana ETF applications, while Grayscale had to fight a lengthy court battle to push for the approval of its Bitcoin trust conversion into an ETF.
Bloomberg ETF analysts James Seyffart and Eric Balchunas recently estimated that the odds of approval for an XRP ETF stand at 65%, while Dogecoin has a 75% chance before the end of 2025.
“The pair have also given 90% odds of a Litecoin ETF being approved before the end of the year.”
XRP’s approval could be complicated by ongoing legal uncertainty. Seyffart has suggested that an ETF wouldn’t move forward until the SEC’s lawsuit against Ripple Labs is resolved.
Dogecoin, however, may have an easier path since it shares similarities with Bitcoin, which has already been approved for ETFs. The SEC has not suggested Dogecoin could be classified as a security, potentially making approval more straightforward.
