The US trade Nasdaq has requested regulators for permission to checklist a 21Shares exchange-traded fund (ETF) holding the favored memcoin Dogecoin, regulatory filings show.
The transfer follows 21Shares’ April 10 submitting of its preliminary proposal to launch its Dogecoin ETF, shortly after comparable functions from rivals Bitwise and Grayscale. The asset supervisor has additionally sought regulators’ permission to checklist ETFs holding different cryptocurrencies, together with Solana (SOL), XRP (XRP), and Polkadot (DOT).
Nasdaq should achieve approval from the Securities and Alternate Fee (SEC) earlier than it may possibly checklist and commerce the fund. The request quantities to a regulatory evaluate course of that might decide whether or not Dogecoin turns into accessible to a broader vary of traders by way of an ETF construction.
Associated: 21Shares files for spot Dogecoin ETF in the US
Onslaught of altcoin ETFs
Fund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance towards cryptocurrencies after his second time period started in January.
As of April 21, extra than 70 crypto ETFs have been awaiting the SEC’s evaluate. The checklist contains various layer-1 (L1) native tokens, reminiscent of SOL and Sui (SUI), in addition to memecoins reminiscent of Bonk (BONK) and Official Trump (TRUMP).
Whereas exchanges reminiscent of Nasdaq search to checklist extra crypto ETFs, they’re additionally pushing for firmer US regulatory oversight of digital assets. In an April 25 remark letter, Nasdaq urged the SEC to carry digital belongings to the identical regulatory requirements as securities in the event that they represent “shares by another title.”
Dogecoin utility
Dogecoin (DOGE) is a well-liked memecoin with a market capitalization of practically $26 billion as of April 29, according to CoinGecko.
It’s distinct from most different memecoins as a result of DOGE is the native token of the Dogecoin network.
The proof-of-work blockchain community is designed as a quicker, cheaper various to Bitcoin (BTC) for peer-to-peer funds.
It processed greater than 40,000 transactions prior to now 24 hours, in line with data from Bitinfocharts.com.
In September 2024, blockchain builders QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling answer designed to bring smart contracts to Dogecoin.
Journal: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
