Dogecoin, the meme-inspired cryptocurrency that started
as a joke, might quickly discover itself listed on Wall Road. Nasdaq has submitted a
formal request to the U.S. Securities and Change Fee (SEC) to checklist an
exchange-traded fund holding Dogecoin.
Regulatory Approval in Progress
The applying follows 21Shares’ submitting on April 10
to create a Dogecoin ETF. Nasdaq’s involvement provides momentum to the proposal,
however SEC approval stays a key hurdle.
The fund can’t start buying and selling till the regulator
indicators off, and that course of may take months. The SEC is presently reviewing
greater than 70 crypto ETF filings, together with comparable requests for altcoins like
Solana and Sui, Cointelegraph reported.
This ETF surge comes after President Trump’s new
administration urged regulators to take a extra crypto-friendly stance. Fund
managers like Bitwise and Grayscale have additionally submitted competing purposes
as they race to seize demand for altcoin funding merchandise.
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SEC is presently reviewing a number of filings associated to the
potential itemizing of Dogecoin-based exchange-traded funds (ETFs). Final month, NYSE
Arca sought approval to checklist Bitwise’s Dogecoin ETF, with
Coinbase Custody managing the Dogecoin holdings and Financial institution of New York Mellon
overseeing the money asset.
JUST IN: Bitwise has filed for a spot Dogecoin $DOGE ETF.63% likelihood it is accepted this 12 months. pic.twitter.com/xSv1n5MR1q
— Polymarket (@Polymarket) March 3, 2025
Nasdaq Pushes for Constant Oversight
Whereas backing new crypto ETFs, Nasdaq can also be calling
for stricter and extra uniform regulation. In an April 25 letter to the SEC, the
trade argued that digital belongings resembling securities ought to be held to the
similar requirements.
In contrast to many different meme cash, Dogecoin operates by itself blockchain and makes use of a proof-of-work mechanism. This makes it functionally much like Bitcoin however cheaper and sooner for small transactions. At the moment, Dogecoin has a market cap of almost $26 billion and traded at $0.1773 on the time of publication.
The Highway Forward
Whether or not or not the SEC approves 21Shares’ Dogecoin
ETF, the rising curiosity in altcoin-backed funds suggests a broader shift in
how conventional finance engages with crypto.
If accepted, Dogecoin may be a part of the rising checklist of
digital belongings accessible through regulated funding autos, bringing the meme
token a step nearer to mainstream portfolios.
This text was written by Jared Kirui at www.financemagnates.com.
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