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US SEC Acknowledges Grayscale’s Dogecoin And XRP ETF Filing

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5 days ago

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The US Securities and Exchange Commission (SEC) has acknowledged Grayscale’s 19b-4 filing for its Dogecoin and XRP ETF. This paves the way for a potential approval of this fund, a development that provides a bullish outlook for the Dogecoin and XRP prices.

US SEC Acknowledges Grayscale’s Dogecoin And XRP ETF Filing

In a release, the US SEC acknowledged Grayscale’s Dogecoin and XRP ETF filings and called for public comments on the proposed funds. This has sparked optimism about the potential approval of these funds, as this marks the first step towards the approval (or denial) process.

Grayscale had filed 19b-4s through the New York Stock Exchange (NYSE) to convert its Dogecoin and XRP Trusts to Dogecoin and XRP ETFs. In addition to Grayscale, asset managers Bitwise and REX Shares have also filed to offer a Dogecoin ETF. Meanwhile, Bitwise, Canary Capital, 21Shares, and WisdomTree have filed to offer an XRP ETF.

Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart predicted a 75% and 65% chance of the US SEC approving a Dogecoin and XRP ETF this year.

What Comes Next For These ETFs

Having acknowledged these ETF filings, the SEC would publish these filings in the federal register, after which the 240-day period begins during which the US SEC must approve or deny these investment products. In an X post, Seyffart noted that this was mostly expected but officially means the clock will start soon for the Dogecoin and XRP ETF.

The analyst noted that under the prior SEC, the Commission would never have even acknowledged these filings. He alluded to the Solana filings, which Gary Gensler’s SEC denied. As such, the Bloomberg analyst believes that the acknowledgment shows there is a chance that the SEC will approve these products.

Balchunas also said that the acknowledgment is a good sign in this case, considering these are altcoins, which the prior SEC was skeptical about. He added that this slightly bumps up their odds of approval for the Dogecoin and XRP ETF.

Commenting on the acknowledgment of the XRP ETF, Nate Geraci, the president of the ETF Store, said that this development is obviously a potentially huge statement in the Commission’s case against Ripple. Legal expert Jeremy Hogan said the Ripple lawsuit would end before an ETF approval.

Ripple CEO Brad Garlinghouse also commented on the SEC’s acknowledgment of the XRP ETF filings. In an X post, he stated that he recalls pointing out more than once that these ETFs were inevitable.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Regulation

Crypto Taxation Takes Effect in Nigeria: New Regulations Explained

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8 hours ago

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February 18, 2025

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In an effort to intensify regulations over the digital asset market, the Nigerian government is introducing crypto taxation. Nigeria’s Securities and Exchange Commission (SEC) is spearheading a major regulatory reform aimed at incorporating cryptocurrency transactions into the country’s tax framework.

Notably, Nigeria plans to impose taxes on cryptocurrency transactions as a strategy to increase national revenue. Thus, by strengthening oversight of the crypto market, the country aims to generate additional revenue streams.

Nigeria Unveils Crypto Taxation: Details Undisclosed

According to a Bloomberg report, Nigeria is planning to impose tax on crypto transactions in a bid to boost national revenue. The Securities and Exchange Commission (SEC) is reportedly developing a comprehensive regulatory framework to ensure “eligible [crypto] transactions on regulated exchanges are brought into the formal tax net.”

Nigeria has proposed a bill regarding crypto taxation which is currently under legislative review. The proposed bill is expected to be passed in the first quarter of 2025. Though the SEC has highlighted the significance of crypto taxation, they haven’t unveiled further details.

SEC Prioritizes Crypto Taxation and Licensing

Initially, Nigeria took an oppressive stance on the crypto market, restricting financial institutions from offering services to crypto firms. Citing concerns over increasing threats, the Central Bank of Nigeria imposed ban on crypto banking and other related activities. However, the government lifted the ban later in December 2023.

Currently, the government is fostering the Nigerian crypto market’s growth, recognizing its potential. The country’s plans for crypto taxation is a significant step towards regulating the digital asset space. As Nigeria’s crypto adoption flourishes despite regulatory constraints, the government is focusing on preserving its competitive edge while ensuring a secure environment for investors.

In a recent development, Nigeria’s SEC established a licensing regime necessitating crypto startups to obtain virtual asset service provider (VASP) licenses to operate in the country.  The SEC stated, “We anticipate gradual traction toward centralized exchanges because they will provide greater protections and comfort for investors.”

Meanwhile, the US SEC is exhibiting a more advanced approach to the crypto industry. This is evidenced by the regulator’s recent acknowledgment of altcoin exchange-traded funds(ETFs).

US Crypto Regulations: A Global Trendsetter

Nigeria’s crypto taxation and regulation follow the United States’ growing emphasis on crypto oversight. Under President Donald Trump, the US SEC is implementing crypto-friendly regulations, fostering industry expansion. Commissioner Hester Peirce recently asserted that the agency is considering overhauling regulations to move away from the former enforcement-focused approach.

Recently, prominent figures including Eric Trump advocated for zero capital gains tax for US-based crypto projects. As Donald Trump sees cryptocurrencies as a national priority, the community anticipates the government to adopt a zero tax policy for crypto. However, experts believe such a move is highly unlikely as concerns surrounding the tax revenue system remain a major obstacle.

The crypto community is eagerly awaiting the US government’s stance on crypto taxation. Meanwhile, the same uncertainty surrounds Nigeria’s crypto taxation plans. As Nigeria’s crypto taxation details are still under wraps, it’s unclear whether the country will mirror the US’s approach once it’s revealed.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk’s DOGE Launches Probe into US SEC, Ripple Lawsuit To End?

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1 day ago

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February 17, 2025

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A new initiative linked to Dogecoin (DOGE) has launched an investigation into the U.S. Securities and Exchange Commission (SEC). The newly created @DOGE_SEC account on X aims to identify and address allegations of waste, fraud, and abuse within the regulatory agency.

This development has drawn attention from the cryptocurrency community, especially as the SEC’s lawsuit against Ripple nears its conclusion.

Elon Musk’s DOGE Launches Investigation into US SEC

The DOGE_SEC account has called on the public to provide information regarding the SEC’s actions. “DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse,” the account posted.

This move has sparked discussions among legal and financial experts. Coinbase Chief Legal Officer Paul Grewal responded by suggesting a rule that would require the SEC to cover legal fees for defendants who successfully challenge the agency’s lawsuits. Other members of the cryptocurrency community have also voiced concerns about the SEC’s handling of certain cases, particularly its litigation against Ripple.

The SEC’s lawsuit against Ripple, which began in 2020, is additionally reaching its final stages. Ripple’s Chief Legal Officer, Stuart Alderoty, responded to the ongoing scrutiny of the SEC by stating, “I have the receipts,” implying that key documents related to the case may soon be revealed.

This Is A Developing News, Please Check Back For More

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Has US SEC Labelled XRP As Commodity? Crypto Community Weighs In

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3 days ago

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February 16, 2025

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The cryptocurrency market is actively discussing the U.S. Securities and Exchange Commission’s (SEC) latest acknowledgment of XRP-related Exchange Traded Funds (ETFs).

While some believe this signals XRP’s classification as a commodity, the SEC has not made an official statement confirming its status. The uncertainty has fueled speculation among investors and analysts.

Has US SEC Labelled XRP As Commodity?

On 12th February 2025, the US SEC acknowledged multiple applications for ETFs based on various cryptocurrencies, including XRP (from Grayscale and 21Shares). This acknowledgment aligns XRP with Bitcoin and Ethereum, which are widely viewed as commodities. However, the SEC did not explicitly confirm whether XRP itself falls under the same category.

Eleanor Terrett, a crypto journalist, noted in an X post that the US SEC is currently reviewing several digital asset ETFs, including those tied to XRP, Solana (SOL), and Dogecoin (DOGE). She stated,

“They have acknowledged that issuers are applying for a product that classifies XRP as a commodity asset within a securities wrapper.” While this suggests a shift in regulatory stance, the SEC has yet to provide final clarity. Ealier this week, legal expert Jeremy Hogan clarified that the Ripple vs SEC lawsuit is very unlikely to affect the XRP ETF approval procedure.

Ripple’s Lawsuit and Court Ruling on XRP

Ripple Labs has been engaged in a long-standing legal dispute with the SEC over whether XRP should be classified as a security. In a key ruling, a U.S. judge determined that XRP was not a security in secondary market transactions.

However, the court also ruled that Ripple’s direct institutional sales of XRP were unregistered securities offerings.

The SEC has paused further litigation as its crypto task force continues to evaluate the regulatory framework for digital assets. Legal experts suggest that an appeal remains a possibility, which could extend the uncertainty around XRP’s classification for years. Some analysts argue that if different courts reach varying conclusions, the case may eventually be reviewed by the U.S. Supreme Court.

XRP Market Reaction and Trading Activity

Following the SEC’s acknowledgment of XRP ETFs, XRP’s trading volume surged by 30% within the first hour of the announcement. On-chain data revealed a 29% increase in active addresses interacting with the XRP ledger. Major exchanges, including Binance and Coinbase, recorded heightened trading activity.

XRP’s price also experienced a sharp increase, reaching $2.84 on 15th February 2025, a 22% rise over five consecutive trading days.

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Analysts suggest that if XRP maintains momentum and surpasses the $2.80 resistance level, it could move toward $3.00 or higher. However, if selling pressure increases, the price may consolidate between $2.60 and $2.80. However, should the bull run persists and breasches the $3.40 resistance, according to analysts Egrag crypto, XRP price may tests new all time highs of $15 to $17.

Crypto Community Awaits Regulatory Certainty

The ongoing debate over XRP’s classification has led to mixed reactions within the crypto community. Some believe that the SEC’s acknowledgment of XRP ETFs suggests a step toward recognizing it as a commodity, while others argue that the lack of explicit confirmation leaves room for further regulatory scrutiny.

Subsequently, the US SEC’s approach to XRP may also impact ongoing cases against major crypto exchanges, such as Binance and Coinbase, whose cases have already been paused by the crypto taskforce for 60 and 28 days respectively.

These exchanges have faced regulatory challenges for allegedly offering unregistered securities. If XRP is formally classified as a commodity, it could influence how similar assets are regulated in the future and ultimately push XRP price above $110.

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Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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