"SEC Greenlights XRP, Dogecoin ETF Reviews; XRP's Security Status Unclear"

The U.S. Securities and Exchange Commission (SEC) has formally acknowledged filings from Grayscale Investments to list spot XRP and Dogecoin exchange-traded funds (ETFs). The agency's Feb. 13 acknowledgments of Grayscale's Form 19b-4 filings for the Grayscale XRP Trust and the Grayscale Dogecoin Trust initiate a 240-day review period for the SEC to decide on the applications.

The 240-day timer will commence once Grayscale's filings are submitted to the SEC's federal register, typically within days. If the process begins now, the SEC's decision deadline would fall in mid-October. The SEC's formal acknowledgment of Grayscale's application to list a spot Dogecoin ETF has been made public.

Over the past two weeks, the SEC has also acknowledged applications for Litecoin (LTC) and Solana (SOL) ETFs, signaling a shift in the agency's stance on crypto-related listings under the current administration. Previously, under former SEC Chair Gary Gensler, the agency had reportedly rejected at least two Solana ETF applications, and Grayscale had to engage in a lengthy court battle to force the SEC to consider approving the conversion of its Bitcoin trust into an ETF.

Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted that XRP (XRP) and Dogecoin (DOGE) ETF bids have a 65% and 75% chance, respectively, of being approved before the end of 2025. They also gave 90% odds of a Litecoin (LTC) ETF being approved before the end of the year.

However, questions remain over XRP's security status. Seyffart predicts that an XRP ETF wouldn't be approved until the SEC's lawsuit against Ripple Labs is fully resolved. In August 2023, Ripple scored a partial victory when it was ruled that XRP wasn't a security when sold on secondary markets. However, the SEC appealed the decision, claiming that the blockchain payments firm breached securities laws when it sold XRP to retail investors.

Dogecoin's path toward SEC approval could be more straightforward, as it hasn't explicitly stated that it could be a security. The cryptocurrency also adopts some features of Bitcoin,