SEC paves way for speedier crypto ETF listings as XRP and dogecoin ETFs launch
Rex Osprey launched the first spot XRP and doge ETFs today, while Grayscale will soon launch its just-approved multi-asset fund.
Today is a big day for crypto ETFs, as the SEC approved generic listing standards, paving the way for speedier listings and opening the floodgates for these products. Two new altcoin ETFs hit the market today, the Rex-Osprey XRP ETF and Rex-Osprey DOGE ETF , which began trading this morning, marking the first spot dogecoin and XRP ETFs available in the US for these assets.
“This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets,” SEC Chairman Paul S. Atkins said in the announcement.
Additionally, the SEC approved Grayscale’s Digital Large Cap Fund, which includes bitcoin, ethereum, and cardano, in the release.
Krista Lynch, Grayscale’s senior vice president of ETF Capital Markets, told Sherwood News that the fund will be the first investment vehicle to hold five different crypto assets.
“It delivers diversified exposure through a single product, similar to the broad-based equity indices that helped ETFs achieve mainstream adoption in traditional markets,” she said. “It’s a pivotal step forward in making crypto more accessible to investors.”
Lynch said the SEC ruling is “an incredibly exciting milestone.” She added that “the Generic Listing Standards make roughly a dozen additional tokens eligible for ETP inclusion, many of which fall into the ‘altcoin’ category. We expect this will spark a wave of new products offering exposure to these assets, with the first of them likely arriving in the fall and expanding from there.”
Mangirdas Ptašinskas, head of marketing and community at Galxe, told Sherwood that the ruling couldn’t have come at a better time, following the Fed’s rate cut decision.
“Over the next few weeks, we could see a slew of altcoin ETF launches as a result, just in time for investors to rotate out of lower-risk investments like money market funds in search of higher returns,” Ptašinskas said.
As of the end of August, there already were more than 90 crypto ETF filings.
Marco Margiotta, CEO of House of Doge, the corporate arm of the Dogecoin Foundation, told Sherwood that dogecoin ETFs are another step forward in DOGE’s transition into mainstream finance.
“The approval isn’t just a market milestone. It’s a vindication of everything our partners at the Dogecoin Foundation have championed for years: that dogecoin is more than a meme; it’s a global currency,” Margiotta said.
Doge, the eighth-largest crypto by market cap, has jumped more than 6% in the past 24 hours and is up 172% in the past year. Meanwhile, XRP, Ripple’s native token and the third-largest crypto by market cap, is up 3.5% in the past 24 hours and 434% in the past year.
These developments have lifted the crypto market overall, reaching a $4.2 trillion market cap.
