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

Nasdaq has submitted a request to regulators for permission to list a 21Shares exchange-traded fund (ETF) that holds the popular memecoin Dogecoin. This move comes after 21Shares filed its initial proposal to launch the Dogecoin ETF on April 10, following similar applications from competitors Bitwise and Grayscale. The asset manager has also sought regulatory approval to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT).

For Nasdaq to list and trade the fund, it must first gain approval from the Securities and Exchange Commission (SEC). This request initiates a regulatory review process that could determine whether Dogecoin becomes more accessible to a broader range of investors through an ETF structure. The approval process is crucial as it will set a precedent for how the SEC views and regulates cryptocurrency ETFs, particularly those involving memecoins like Dogecoin.

This development follows a broader trend of increased interest in crypto ETFs. Fund issuers have requested to list dozens of altcoin ETFs after the US President instructed the SEC to adopt a more favorable stance toward cryptocurrencies. As of April 21, over 70 crypto ETFs were awaiting the SEC’s review, including alternative layer-1 (L1) native tokens such as SOL and Sui (SUI), as well as memecoins like Bonk (BONK) and Official Trump (TRUMP).

While exchanges like Nasdaq are pushing to list more crypto ETFs, they are also advocating for stricter regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to apply the same regulatory standards to digital assets as it does to securities if they are deemed to be “stocks by any other name.” This call for regulatory clarity is essential for ensuring the integrity and stability of the cryptocurrency market, as well as for protecting investors.

Dogecoin, with a market capitalization of nearly $26 billion as of April 29, is a popular memecoin that stands out from others because it is the native token of the Dogecoin network. The proof-of-work blockchain network is designed to be a faster and cheaper alternative to Bitcoin for peer-to-peer payments. It processed over 40,000 transactions in the past 24 hours, highlighting its utility and adoption in the cryptocurrency community.

In September 2024, blockchain developers QED Protocol and Nexus announced plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin. This development could significantly enhance the functionality and use cases of Dogecoin, making it more attractive to investors and users alike. The potential for smart contracts on the Dogecoin network could open up new opportunities for decentralized applications and other innovative use cases, further solidifying Dogecoin's position in the cryptocurrency ecosystem.