The SEC has acknowledged and is also set to review another crypto ETF proposal, this time, it’s for crypto’s seminal meme token, Dogecoin (DOGE).
NYSE Arca submitted a 19b-4 filing on Thursday to list shares of the Grayscale Dogecoin Trust, outlining plans to transform the fund into an exchange-traded product that would track DOGE’s price through CoinDesk’s DCX index.
The filing, which follows similar frameworks to Grayscale’s other crypto trust conversions, such as the other one for XRP, which was acknowledged on the same day, describes a structure where authorized participants handle cash rather than DOGE directly.
That’s a feature, not a bug, and it’s designed to ease regulatory concerns.
It’s worth noting that while the SEC has acknowledged the 19b-4 filing, the 240-day review window—starting with an initial 45 days—begins only after its Federal Register publication.
Earlier this month, Grayscale established a trust with the intention of converting that investment vehicle into a fully-fledged ETF.
A trust is a structured investment vehicle that holds assets but often has limited liquidity and redemption options.
In contrast, an ETF is a publicly traded fund that allows for real-time buying and selling on exchanges with greater liquidity.
Like with Grayscale’s XRP 19b-4 filing, Coinbase Custody would handle the meme coins, while BNY Mellon would take on admin duties.
The trust would get pricing data from regulated U.S. trading platforms such as Coinbase, Kraken, and Crypto.com, which collectively handle most DOGE-USD trades.
For Dogecoin, which started as a joke crypto in 2013, a stamp of approval from the usually stern regulator could lend legitimacy to its efforts over the years.
“Over 2,500 merchants and retailers accept DOGE for goods and services, including the Dallas Mavericks and AMC, and DOGE has been donated for various charitable purposes, including to build a well in Kenya,” the filing reads, explaining how the meme coin has been used for social good.
Edited by Sebastian Sinclair
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