Dogecoin News Today: SEC's Stance Tests Meme Coin's Mainstream Aspirations

21Shares' Dogecoin ETF (TDOG) has taken a procedural step forward with its listing on the Depository Trust & Clearing Corporation (DTCC), signaling readiness for potential U.S. trading once regulatory approvals are secured. The DTCC listing, a routine requirement for ETFs seeking U.S. exchange access, confirms that the fund's operational infrastructure is in place but does not equate to approval by the U.S. Securities and Exchange Commission (SEC) [1]. The ETF, which tracks Dogecoin's price via a physically backed structure, is designed to hold the cryptocurrency directly and issue shares aligned with its value, less fees [2]. This development marks the first instance of a meme-based cryptocurrency ETF entering the regulated financial system, reflecting growing institutional interest in altcoins [1].

The TDOG ETF distinguishes itself from existing Dogecoin exposure options, such as the REX-Osprey DOGE ETF (DOJE), which combines spot Dogecoin holdings with Dogecoin-linked ETPs through a Cayman subsidiary. TDOG, by contrast, is a commodity-based trust that would list on Nasdaq and use cash-based creation and redemption mechanisms [2]. Its valuation is tied to CF Benchmarks' Dogecoin-Dollar settlement price, a multi-exchange index designed to resist manipulation. However, fees are deducted in Dogecoin, causing a gradual reduction in the amount of DOGE per share over time [2]. DOJE, which launched on Cboe in September 2025 with a 1.5% expense ratio, currently trades with a 0.96% premium to its net asset value (NAV), indicating strong initial demand [5].

The SEC's stance remains a critical hurdle. While the DTCC listing demonstrates operational readiness, the regulator has yet to finalize its review of TDOG's S-1 registration and Nasdaq's listing proposal. The SEC's historical caution toward crypto ETFs-particularly for assets with lower institutional adoption-suggests delays are likely [1]. Analysts note that the approval of Bitcoin and Ethereum ETFs has set a precedent, but Dogecoin's meme-driven nature and volatility may complicate its case. Market watchers like Bloomberg's Eric Balchunas have speculated that the SEC might delay approval until late 2025 or 2026, citing concerns over market integrity and investor protection [4].

Market reactions to the DTCC listing have been mixed. Dogecoin's price dipped 4% following the news, reflecting short-term uncertainty, though 24-hour trading volume surged 98% to $4.9 billion [3]. Investors remain divided: some view TDOG as a gateway to institutional-grade Dogecoin exposure, while others caution against the risks of fee erosion and limited onchain utility compared to direct ownership [2]. The broader altcoin ETF landscape is also evolving, with proposals for Solana, Hedera, and Ripple ETFs entering the DTCC pipeline, signaling a potential shift toward diversified crypto investing [7].

If approved, TDOG could catalyze a broader acceptance of meme coins in traditional finance. A successful launch would not only legitimize Dogecoin as an investable asset but also pave the way for similar products, such as ETFs for Shiba Inu or Pepe. However, the outcome hinges on the SEC's ability to balance innovation with regulatory safeguards. For now, the DTCC listing underscores 21Shares' commitment to bridging the gap between crypto and conventional markets, while investors await clarity on the final regulatory verdict [6].