SEC Acknowledges Grayscale’s Dogecoin ETF Filing, Review Clock But to Began

The SEC has acknowledged and is also set to review another crypto ETF proposal, this time, it’s for crypto’s seminal meme token, Dogecoin ( DOGE ).

On Thursday, the NYSE Arca filed a 19b-4 processing listing the shares of the Grayscale Dogecoin Trust, outlining plans to convert the fund into an exchange-traded solution that would use CoinDesk’s DCX score to observe DOGE’s value.

The processing, which follows similar frameworks to Grayscale’s another crypto believe conversions, such as the other one for XRP, which was acknowledged on the same day, describes a structure where registered participants handle cash rather than Expand immediately. &nbsp,

That’s a function, not a spider, and it’s designed to alleviate regulation problems.

It’s worth noting that while the SEC has acknowledged the 19b-4 processing, the 240-day assessment window—starting with an initial 45 days—begins just after its Federal Register release.

Grayscale established a confidence earlier this month with the intention of turning that funding vehicle into an entirely-fledged ETF.

A trust is a planned investment vehicle with minimal cash and redemption options.

In comparison, an ETF is a publicly traded account that allows for real-time buying and selling on markets with greater profitability.

Like with Grayscale’s XRP 19b-4 processing, Coinbase Custody may manage the meme cash, while BNY Mellon did take on administration duties.

The trust do get sales data from controlled U. S. trading systems such as Coinbase, Kraken, and Crypto.com, which cooperatively handle most DOGE-USD deals.

Dogecoin, which launched as a joke crypto in 2013, may gain legitimacy from the typically strict regulator.

The filing states that “more than 2,500 retailers and merchants accept DOGE for goods and services, including DOGE for the Dallas Mavericks and AMC,” and that the meme coin has been used for social causes.