Asset manager and cryptocurrency exchange-traded fund (ETF) creator Bitwise Invest has formally submitted an S-1 document to the US Securities and Exchange Commission (SEC) for a Dogecoin ETF.
This submission, made on Monday, follows a previous request filed last week in the state of Delaware, representing a significant moment for the crypto investment arena.
Bitwise’s Dogecoin ETF Proposal Encounters Market Apathy
James Seyffart, an ETF authority at Bloomberg, observed that the latest submission was expected after Bitwise’s prior registration of the trust. “We anticipated this,” Seyffart commented, emphasizing the rising interest in cryptocurrency ETFs as regulatory clarity starts to materialize.
Nevertheless, in spite of the positive sentiment surrounding the Dogecoin ETF proposal, DOGE has displayed minimal response, remaining at around $0.320, which indicates a decline of 3.4% over the last 24 hours and 16% over the previous week.
This situation unfolds amid a backdrop of increasing regulatory optimism in the US, coinciding with President Trump’s return to the Oval Office for a second term following his victory in November.
Trump’s resurgence in the political sphere has instilled a rejuvenated sense of assurance in the regulatory landscape, hinting at potential changes that could benefit cryptocurrency investments.
Asset Managers Advocate For Crypto ETF Endorsements
The surge of ETF applications is not confined to Bitwise; other asset managers like CoinShares, Tuttle Capital, and Grayscale are also pursuing approval for their own cryptocurrency ETFs, which feature assets such as Solana (SOL), Litecoin (LTC), and Cardano (ADA), in addition to more speculative alternatives like memecoins TRUMP and MELANIA.
Seyffart previously stressed last week that this moment is pivotal for issuers as they probe the parameters of what the SEC will permit. The formation of a new crypto task force, led by pro-crypto Commissioner Hester Peirce, is anticipated to be essential in shaping the regulatory foundations for these products.
The results of this task force’s initiatives will be crucial in determining whether the SEC will grant approval for the various index funds, including Bitwise’s Dogecoin ETF.
Featured image from DALL-E, chart from TradingView.com
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