Crypto’s Bizarre Dance: SEC Acknowledges ETFs – But Will They Actually Happen?

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Ah, the United States Securities and Exchange Commission, that venerable institution of oversight and bureaucratic solemnity, has at long last cast its gaze upon the filings of Grayscale, those bold visionaries seeking to usher forth the specters known as spot XRP and Dogecoin exchange-traded funds. A commencement, my dear reader, a potential prelude to market chaos that could unfold as soon as the tipsy fingers of the clock strike later this year! 🎉

On the fateful day of February 13, a missive from the commission graced the world, announcing the publication of notices for Grayscale’s Form 19b-4 filings. A procedural hurdle, if you will, lurking ominously before the dawn of a 240-day review window—a true test of patience for crypto enthusiasts as the proverbial clock begins its relentless tick-tock. ⏳

Thus, the countdown to destiny begins! Once these exalted filings are consigned to the Federal Register—an act that typically takes place in a fleeting moment of bureaucratic whimsy—we can expect a final decision to emerge from the shadows by mid-October, should fortune smile upon us. But let us not delude ourselves; acknowledge does not equate to approval, much like my neighbor’s insistence that he is an artist. 👨‍🎨

Our insightful scribe, Fox Business journalist Eleanor Terrett, evoked a reflection upon this momentous turning of tides. ‘More open-minded,’ she claims! Is this not a delightful reversal from the stony silence of yore? How the mighty SEC, under this new leadership, seems eager to extend its hand towards crypto ETF proposals, rather than casting them aside like a half-eaten piece of stale bread. 🍞

Yet one cannot help but chuckle at the memory of last December, when exchanges were forced to withdraw their applications for Solana ETFs under the earlier regime, ruled by the notorious Gary Gensler—a man whose indifference to these proposals was as cold as winter’s breath. In contrast, today’s SEC dances with the sweet promise of consideration, raising hopes that these crypto products might indeed emerge, like autumn leaves in a tempest. 🍂

With her prescience, Terrett suggests that the SEC shall soon pivot its attention toward XRP ETF applications from fellow suitors, inspired by Grayscale’s audacity. Among these brave souls are Bitwise, 21Shares, Canary Capital, and WisdomTree, who have all filed their own expressions of investment dreams, patiently awaiting their moment under the SEC’s searching gaze. 🦅

Additionally, the NYSE Arca hath made its submissions to the SEC, anxiously seeking permission to list and trade shares of the Grayscale XRP Trust on January 30, followed by a similar hope for the Grayscale Dogecoin Trust just a day later. Oh, how the market yearns for approval like a parched desert longs for rain! 🌧️

And lest we forget, analysts of Bloomberg’s repute, namely James Seyffart and Eric Balchunas, have dared to estimate the likelihood of the XRP and Dogecoin ETFs being granted their much-coveted stamp of approval at 65% and 70%, respectively. But does not such confidence echo with the uncertainty of life? Such is the beauty and absurdity of our financial world! 💸

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2025-02-14 11:02