SEC acknowledges Grayscale's XRP and Dogecoin ETF filings, decision expected by October

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Form 19b-4 filings from crypto asset manager Grayscale to list spot exchange-traded funds (ETFs) for XRP and Dogecoin.

The acknowledgment, issued on February 13, starts the clock for a 240-day review period, during which the SEC will assess the applications before making a final decision.

The review process begins once the filings are published in the SEC's federal register, which typically happens within days. If processed promptly, the SEC’s deadline for a decision would fall in mid-October 2025.

This latest move comes amid a notable shift in the SEC's approach toward cryptocurrency-related ETF applications. Over the past two weeks, the regulator has also acknowledged applications for Solana (SOL) and Litecoin (LTC) ETFs, signaling a broader acceptance of crypto-based financial products.

Under the leadership of former SEC Chair Gary Gensler, the agency had taken a strict stance on digital asset ETFs, rejecting at least two Solana ETF applications and forcing Grayscale into a legal battle over its Bitcoin Trust ETF conversion. However, recent developments suggest a more open regulatory approach under the current administration.

Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of approval for an XRP ETF and a 75% chance for a Dogecoin ETF by the end of 2025.

Additionally, they predict a 90% probability that a Litecoin ETF will receive approval before the end of this year.

However, questions remain regarding XRP’s regulatory status. The SEC has an ongoing lawsuit against Ripple Labs, arguing that XRP was sold as an unregistered security. Although a 2023 court ruling determined

XRP is not a security when traded on secondary markets, the SEC has appealed parts of the decision, which could affect the ETF’s approval timeline.

In contrast, Dogecoin’s regulatory path appears smoother, as the SEC has not classified it as a security. The cryptocurrency shares key similarities with Bitcoin, which has already been approved for ETF trading, potentially boosting Dogecoin’s chances of approval.

Key Takeaways:

• Grayscale’s XRP and DOGE ETF filings acknowledged by the SEC on Feb. 13, 2025.
• 240-day decision deadline starts when the filings are entered into the federal register.
• SEC recently acknowledged Litecoin (LTC) and Solana (SOL) ETF filings, signaling a shift in regulatory attitude toward crypto ETFs.
• Bloomberg analysts predict:
• 65% chance of XRP ETF approval by 2025.
• 75% chance of Dogecoin ETF approval by 2025.
• 90% chance of Litecoin ETF approval by the end of 2024.
• XRP’s security status remains an issue, possibly delaying approval until the SEC’s case against Ripple is fully resolved.
• Dogecoin has a clearer path, as it shares many characteristics with Bitcoin, which already has approved ETF products.

With the SEC now actively considering multiple crypto ETF proposals, the coming months will be crucial for the future of crypto-based financial products in the U.S.

If approved, Grayscale’s XRP and Dogecoin ETFs could mark another major step toward broader institutional adoption of digital assets.