XRP & Dogecoin Spot ETFs: Are the Floodgates About to Open?
📌 Event Background and Significance
The pursuit of standardized spot crypto Exchange Traded Funds (ETFs) in the U.S. has been a long and winding road. Years of regulatory hesitancy and inconsistent rulings have frustrated investors and stifled market growth. The initial rejection of Bitcoin ETFs highlighted concerns around market manipulation and investor protection, leading to a piecemeal approval process. However, recent coordinated efforts by major exchanges signal a potential shift towards a more systematic approach.
Historically, each crypto ETF application required a bespoke 19b-4 approval, a time-consuming and unpredictable process. This has limited the availability of crypto ETFs primarily to Bitcoin and Ethereum. The current move towards generic listing standards (GLS) represents a significant step forward, potentially paving the way for a wider range of crypto assets, including XRP and Dogecoin, to be offered in ETF form.
The significance of this development cannot be overstated. A standardized approval process would not only reduce the regulatory burden for issuers but also increase investor access to diverse crypto assets, potentially driving significant capital inflows into the market.
📌 Why XRP and Dogecoin ETFs are Closer Than Ever
⚖️ The game-changer isn’t a flashy SEC mandate but a subtle, concerted alignment by three national exchanges—Cboe BZX, NYSE Arca, and Nasdaq—on nearly uniform generic listing standards (GLS) for Commodity-Based Trust Shares. These proposals would greenlight qualifying commodity ETPs—including those holding “digital asset commodities”—to list without unique 19b-4 clearances each time, assuming the products meet specified criteria and the exchanges ensure sound surveillance. NYSE Arca’s new Rule 8.201-E (Generic), Nasdaq’s revisions to Rule 5711(d), and Cboe’s revamped Rule 14.11(e)(4) all suggest a unified push: systematize spot crypto ETF approvals, rather than treating each as a one-off case, while upholding market-integrity safeguards.
💱 A critical technical tweak across the filings involves redefining the term “commodity.” Greg Xethalis, General Counsel at Multicoin Capital, disclosed ongoing talks on X: “CBOE BZX, the NYSE and NASDAQ today filed amendments to their Commodity-Based Trust Shares ETP Generic Listing Standards.”
💱 The revisions largely address a technicality, removing ‘excluded commodities’ from the definition of ‘commodity’ within the GLS,” a precautionary move to prevent unintended inclusion of instruments like interest-rate indexes or currencies under the Commodity Exchange Act’s “excluded commodity” classification. Nasdaq’s filing explicitly carves these out, even footnoting the CEA §1a(19) definition to clarify what’s excluded.
⚖️ The futures-market seasoning test is equally vital, seen by many as the “on-ramp” for new spot products. Cboe’s proposal mandates that the underlying asset back a futures contract traded on a Designated Contract Market for at least six months, with the exchange maintaining a surveillance-sharing agreement with that DCM. In practice, the phrase “made available to trade” ties the six-month period to the contract’s listing/availability date, aligning with the SEC’s surveillance logic since the 2024 spot-BTC and spot-ETH approvals.
📌 ETF Applications in the Queue
With this backdrop, XRP and Dogecoin filings are already well-advanced in the 19b-4 pipeline—so standardized listing rules arriving in late September or early October would align almost perfectly with final statutory deadlines:
For XRP, several separate spot filings illustrate the timeline. On Nasdaq, the CoinShares XRP ETF (SR-NASDAQ-2025-012) was published in the Federal Register on February 25, 2025, with proceedings instituted on May 29 and the period for action extended again on August 21; the 240-day deadline is October 23, 2025.
⚖️ On NYSE Arca, Grayscale XRP Trust (SR-NYSEArca-2025-08) hit the Register February 20, 2025; the SEC noted the 180th day as August 19—placing the 240-day deadline on October 18, 2025. Cboe BZX’s Canary XRP Trust entered the queue with publication on February 25, 2025, likewise pointing to an October 23, 2025 deadline. These are standard 19b-4 listing files; S-1 registrations must still go effective before trading.
For Dogecoin, multiple spot proposals provide similar waypoints. The Bitwise Dogecoin ETF on NYSE Arca was issued March 17, 2025, setting a 240-day deadline of November 12, 2025. On Nasdaq, the 21Shares Dogecoin ETF notice was published May 19, 2025, implying a deadline of January 14, 2026. Grayscale’s Dogecoin Trust filed an S-1 on August 15, 2025, disclosing that NYSE Arca lodged its companion 19b-4 on January 31, 2025—showing issuers are preparing.
⚖️ The bottom line: if the SEC approves the generic listing standards as expected, the timeline aligns with XRP’s October 18–23 deadlines—and Dogecoin’s November 12 follow-on—creating the “floodgates” window.
📊 Market Impact Analysis
The introduction of XRP and Dogecoin spot ETFs could have a significant impact on the crypto market. Here's a breakdown of the potential effects:
- Price Volatility: Expect increased price volatility for both XRP and Dogecoin in the short term as the market anticipates and reacts to ETF approvals. News events, regulatory announcements, and overall market sentiment will likely amplify price swings.
- Investor Sentiment: ETF approvals would likely boost investor sentiment towards these assets, leading to increased buying pressure. The accessibility and familiarity of ETFs could attract a broader range of investors, including institutional players, who were previously hesitant to invest directly in cryptocurrencies.
- Sector Transformation: The success of XRP and Dogecoin ETFs could pave the way for other altcoins to be offered in ETF form, further diversifying the crypto investment landscape. This could lead to a transformation of the crypto market, with ETFs becoming a mainstream investment vehicle.
📌 Key Stakeholders’ Positions
⚖️ The potential approval of XRP and Dogecoin ETFs has garnered significant attention from key stakeholders:
| Stakeholder |
Position |
Impact on Investors |
| Lawmakers |
👥 Divided; some support innovation, others express concerns over investor protection. |
Uncertainty in regulatory environment could lead to sudden policy changes. |
| Industry Leaders |
💰 Generally supportive, viewing ETFs as a means to legitimize and expand the market. |
📈 Positive sentiment could drive increased investment and adoption. |
| Crypto Projects (XRP, Dogecoin) |
✅ 📈 Hopeful; ETF approval could significantly increase liquidity and visibility. |
💰 📈 Increased market exposure could lead to higher valuations. |
🔮 Future Outlook
💧 Looking ahead, the crypto market and regulatory environment are likely to continue evolving. Several potential scenarios could unfold:
- Scenario 1: Smooth Sailing: The SEC approves the generic listing standards, and XRP and Dogecoin ETFs launch successfully. This could lead to a surge in demand and further innovation in the ETF space.
- Scenario 2: Regulatory Hurdles: The SEC delays or rejects the ETF applications, citing ongoing concerns about market manipulation or investor protection. This could dampen investor sentiment and slow down the adoption of crypto ETFs.
- Scenario 3: Market Correction: A broader market downturn could negatively impact the performance of crypto ETFs, leading to investor losses and potentially undermining confidence in the asset class.
📌 🔑 Key Takeaways
- The SEC appears to be moving towards standardized listing rules for spot crypto ETFs, potentially opening the door for XRP and Dogecoin ETFs.
- ETF approvals could significantly increase market volatility and investor sentiment towards these assets.
- Key stakeholders have varying perspectives, ranging from support for innovation to concerns about investor protection.
- The future outlook is uncertain, with potential scenarios ranging from smooth sailing to regulatory hurdles or market corrections.
- Investors should carefully consider the risks and opportunities associated with crypto ETFs before making any investment decisions.
🔮 Thoughts & Predictions
The coordinated movements by major exchanges signal a shift in SEC's stance. It's probable that XRP and Dogecoin ETFs will receive approval by early 2026. The impact will extend beyond price pumps, reshaping the landscape of crypto investment as ETFs become a primary onramp.
🎯 Investor Action Tips
- Monitor SEC filings and exchange announcements closely for updates on ETF approval timelines.
- Assess your risk tolerance and diversification strategy before investing in volatile assets like XRP and Dogecoin.
- Explore options for hedging against potential price declines using derivatives or stablecoins.
- Research the specific ETF providers and their track records before investing.
📘 Glossary for Investors
⚖️ 19b-4 Filing: A regulatory filing required by exchanges to propose new rules or changes to existing rules, often used for listing new investment products like ETFs.
🧭 Context of the Day
The anticipated approval of XRP and Dogecoin ETFs signals a pivotal moment, potentially democratizing access and reshaping the crypto investment landscape by early 2026.
