News 
February 14, 2025 
4 min. 
The SEC has received applications from Grayscale for XRP and Dogecoin spot ETFs listing. These developments further enhance the progress made towards crypto investment products since the filings by Grayscale have also compelled the agency to act on these applications to some degree.
SEC 240-Day Review Window Begins
As stated in the Grayscale XRP Trust and Grayscale Dogecoin Trust filings, the Form 19b-4 was submitted and received an acknowledgement from the SEC on February 13. The procedure is said to start the clock for the SEC to review and process their decision on the ETF applications in 240 days. The starting point for the review is when the funds are registered in the SEC’s federal bank register which is usually done within a couple of days after receiving acknowledgment. Based on the provided information, if the procedure continues as planned, the anticipated SEC final decision would be around mid October, 2025.
This change comes after the SEC’s last accepted ETFs for Litecoin ETF applications Solana (SOL). The change of posture of the agency towards crypto-under the current regime is suggestive of a possible regulatory thaw. In the past, under Gary Gensler, many crypto ETFs, including the Solana ETFs, were rejected. To secure the Bitcoin Trust ETF approval, Grayscale had a drawn out legal struggle with the SEC that mandated them to consider their request.
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Market Predictions and Regulatory Uncertainty
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate the chances of XRP and Dogecoin ETFs being approved by the end of 2025 to be at 65% and 75%, respectively. For Litecoin, however, they seem to be the most bullish, assigning a whopping 90% probability of ETF approval for Litecoin before the end of this year. This makes them the most bullish on Litecoin.
However, there is still a lack of acceptance for XRP because of the lack of clarity regarding regulations. The SEC vs. Ripple Labs litigation has left a lot to be desired in terms of defining the Cryptocurrency in question and whether it is considered a security or not. In 2023, Ripple was able to achieve a partial victory when the court ruled XRP was not a security in secondary market trades, but this ruling was challenged by the SEC. The general consensus among analysts is that this ruling will be pivotal to the SEC’s decision concerning an XRP ETF.
On the flip side, Dogecoin can be said to have a smoother route towards approval. More so, unlike XRP, it has not been singled out as a potential security by the SEC. Furthermore, DOGE possesses several features of Bitcoins, which already has successful ETF listings. These things could strengthen the grounds for a Dogecoin ETF approval, which would make it easier to obtain than for Dobecoin’s rival, XRP.
As the SEC begins its formal review process, investors and crypto enthusiasts will closely monitor the regulatory developments, which could shape the future of cryptocurrency ETFs in the U.S. market.
