In a significant development for the cryptocurrency sector, the SEC has approved new generic listing standards aimed at streamlining the process for cryptocurrency Exchange-Traded Funds (ETFs). This move is expected to facilitate quicker listings and significantly broaden access to these financial products. As a result, two new altcoin ETFs have been launched: the Rex-Osprey XRP ETF and the Rex-Osprey DOGE ETF, which began trading this morning. These ETFs represent the first available spot trading options for dogecoin and XRP in the United States.
SEC Chairman Paul S. Atkins emphasized the importance of this approval, highlighting that it maximizes investor choice and fosters innovation by reducing barriers to entry within America’s capital markets. Additionally, the SEC granted approval to Grayscale’s Digital Large Cap Fund, which includes major cryptocurrencies such as bitcoin, ethereum, and cardano. Krista Lynch, Grayscale’s senior vice president of ETF Capital Markets, noted that the fund offers diversified exposure through a single investment vehicle—an important step towards making crypto assets more accessible to a wider range of investors.
Lynch described the ruling as an “incredibly exciting milestone,” explaining that the generic listing standards make approximately a dozen additional tokens eligible for inclusion in Exchange-Traded Products (ETPs). Many of these new entrants fall into the ‘altcoin’ category, potentially leading to a surge in new products expected to arrive by this fall.
Market observers anticipate a wave of new altcoin ETFs could soon be introduced, particularly following the recent Federal Reserve rate cut decision. Mangirdas Ptašinskas, head of marketing and community at Galxe, remarked that investors may look to rotate out of lower-risk assets like money market funds and into these new, higher-return options.
The approval of dogecoin and XRP ETFs is seen not only as a market milestone but also a step forward for dogecoin’s integration into mainstream finance. Marco Margiotta, CEO of House of Doge, expressed that this approval validates the efforts of the Dogecoin Foundation and reinforces the notion that dogecoin serves as a viable global currency.
In terms of market performance, dogecoin has recently seen a 6% increase over the past day and boasts a substantial 172% rise over the last year. Similarly, XRP, the native token of Ripple, has climbed 3.5% in the past 24 hours and an impressive 434% over the year.
These developments have collectively contributed to a bullish sentiment in the crypto market, which has reached a remarkable $4.2 trillion in market capitalization, indicating a renewed interest and confidence in digital assets.
