SEC Acknowledges Grayscale’s Dogecoin ETF Filing, Review Clock Yet to Start – Decrypt

The SEC is approved and will review another Crypto ETF proposal. This time, it's for Crypto's ingenious meme token, Dogecoin (Doge).

NYSE ARCA submitted 19B-4 Submit On Thursday, we list the shares of Grayscale Dogecoin Trust and outline plans to convert the fund into the exchange industry that tracks Doge prices through Coindesk's DCX index.

Filing following a framework similar to other Crypto Trust Conversions from Grayscale For XRP, It describes the structure in which recognized and certified participants process cash rather than directly DOGE on the same day.

It's a feature, not a bug, and is designed to alleviate regulatory concerns.

Note that while the SEC has allowed filing 19B-4, the 240-day review window (starting in the first 45 days) exists only after publications in the Federal Register.

Earlier this month, Grayscale established trust with the intention of converting its investment vehicle into a full-fledged ETF.

Trusts are structured investment vehicles that hold assets but often have limited liquidity and redemption options.

In contrast, ETFs are public funds that allow for real-time buying and selling on more liquid exchanges.

Similar to Grayscale's XRP 19B-4 filing, Coinbase's custody will handle Meme Coins, but BNY Mellon assumes administrative duties.

The Trust retrieves price data from regulated US trading platforms such as Coinbase, Kraken, and Crypto.com.

For Dogecoin, which began as a joke code in 2013, a seal of approval from a normally strict regulatory authority could justify its efforts over the years.

“Over 2,500 merchants and retailers have accepted Doge to goods and services such as the Dallas Mavericks and AMC, and Doge has been donated to a variety of charitable purposes, including building wells in Kenya.” Social benefits It will be used.

Edited by Sebastian Sinclair