XRP news today: Nasdaq Seeks SEC Approval for Spot Dogecoin ETF

Nasdaq has taken a significant step towards potentially listing a spot Dogecoin exchange-traded fund (ETF) by submitting a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC). This filing is a formal proposal to the SEC, and once acknowledged, it will be published in the Federal Register, setting a deadline for the regulator's decision. The proposed ETF, managed by 21Shares, aims to provide investors with a passive investment product, with shares created and redeemed in blocks of 10,000 through authorized participants using cash transactions only. The trust will not employ leverage or derivatives, ensuring a straightforward investment mechanism.

Nasdaq has emphasized its robust surveillance procedures and trading rules, which will apply to the trading of ETF shares. The exchange's membership in the Intermarket Surveillance Group (ISG) provides strong surveillance-sharing agreements, enabling it to detect and prevent potential manipulation in the underlying Dogecoin market. This enhances the integrity of the ETF and provides investors with confidence in the product.

21Shares, a Switzerland-based crypto asset manager, filed its S-1 form on April 9 and announced an exclusive partnership with the House of Doge. This partnership aims to help market the fund, leveraging the House of Doge's influence and reach. Dogecoin, currently the 8th biggest cryptocurrency by market cap, has evolved from its origins as a meme coin created as a joke. It has gained significant traction and inspired initiatives such as the Department of Government Efficiency (DOGE), led by technocrat Elon Musk. If approved, the Dogecoin ETF would be the first ETF to track a meme coin, marking a significant milestone in the cryptocurrency market.

The application by 21Shares comes at a time when interest in altcoin-based funds has surged. This is evidenced by a wave of new filings and a more lenient regulatory environment. Several firms are seeking the SEC’s regulatory clearance for various crypto-related ETFs such as Solana (SOL), Ripple’s XRP, Litecoin (LTC), Cardano, and Official Trump (TRUMP). According to analysts' forecasts, LTC ETFs have the highest likelihood of approval, followed by Dogecoin funds, Solana, and XRP products.