Launch of XRP and DOJE ETFs garner $54 million in their debut, placing them among the top ETF launches in 2025.
In a significant development for the crypto industry, the U.S. Securities and Exchange Commission (SEC) has approved the first nypost Spot Dogecoin ETF and a Ripple (XRP) linked ETF. The new ETFs, Rex-Osprey Spot Dogecoin ETF (ticker: DOJE) and an unnamed XRP ETF, mark a new era for crypto news exchange-traded funds (ETFs) in the United States.
Unlike traditional major crypto ETFs like Bitcoin and Ethereum, which are filed under the 1940 Investment Company Act (33 Act), these new ETFs are filed under the 1940 Act's 1940 Investment Company Act of 1940 (40 Act). Despite stricter constraints on fund composition compared to the 33 Act, the strong performances of DOJE and XRPR indicate that investors are willing to embrace this regulatory framework for faster market access.
The 40 Act offers a 75-day review window, significantly shorter than the 240-day approval process required by the 33 Act. This faster approval process could encourage more issuers to pursue 40 Act filings for future spot crypto ETFs, potentially leading to a surge in the number of approved ETFs in the near future.
Industry leaders have praised the move, stating it could eliminate regulatory red tape and unlock a new wave of innovation in the ETF space. The SEC's recent approval of generic listing standards could fast-track over 90 pending spot crypto ETFs, further accelerating this trend.
Meanwhile, Bitwise is seeking SEC approval for an Avalanche ETF, indicating that the momentum for crypto ETFs is not slowing down anytime soon. However, it is yet to be confirmed if BlackRock, known for managing major crypto ETFs like the iShares Bitcoin Trust and iShares Ethereum Trust, is managing the Dogecoin or Ripple spot ETFs.
The success of DOJE and XRPR could set a precedent for other crypto assets to follow suit and secure their own spot ETFs. As the crypto market continues to mature, the approval of these ETFs represents a significant step forward in making crypto assets more accessible to a wider range of investors.
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