Bitwise, a big name in crypto ETFs, just filed paperwork with the US Securities and Exchange Commission (SEC) to launch a Dogecoin ETF. This follows a Delaware filing last week and is a pretty big deal for the crypto world.
Market Reaction (or Lack Thereof)
Bloomberg’s ETF expert, James Seyffart, wasn’t surprised by the news, saying it was expected. He points out that more and more people are interested in crypto ETFs as things become clearer on the regulatory front. Interestingly, the price of Dogecoin hasn’t really reacted to the news, still hovering around $0.32.
The Bigger Picture: Crypto ETFs and Regulation
It’s not just Bitwise jumping into the ETF game. Companies like CoinShares, Tuttle Capital, and Grayscale are also trying to get their own crypto ETFs approved. These cover a range of cryptos, from established ones like Solana and Litecoin to more meme-coin-ish options.
Seyffart highlighted that this is a crucial time for ETF issuers as they test the SEC’s boundaries. A new SEC task force, headed by pro-crypto Commissioner Hester Peirce, will be key in deciding the fate of these crypto ETFs. Their decisions will determine if ETFs like Bitwise’s Dogecoin ETF get the green light. The recent positive shift in the regulatory climate, potentially influenced by recent political events, is also adding to the excitement.
