The USA alternate Nasdaq has requested regulators for permission to record a 21Shares exchange-traded fund (ETF) holding the favored memcoin Dogecoin, regulatory filings present.
The transfer follows 21Shares’ April 10 submitting of its preliminary proposal to launch its Dogecoin ETF, shortly after related purposes from rivals Bitwise and Grayscale. The asset supervisor has additionally sought regulators’ permission to record ETFs holding different cryptocurrencies, together with Solana (SOL), XRP (XRP), and Polkadot (DOT).
Nasdaq should achieve approval from the Securities and Trade Fee (SEC) earlier than it will possibly record and commerce the fund. The request quantities to a regulatory evaluate course of that would decide whether or not Dogecoin turns into accessible to a broader vary of traders via an ETF construction.
Associated: 21Shares recordsdata for spot Dogecoin ETF within the US
Onslaught of altcoin ETFs
Fund issuers requested to record 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 had been awaiting the SEC’s evaluate. The record consists of different layer-1 (L1) native tokens, similar to SOL and Sui (SUI), in addition to memecoins similar to Bonk (BONK) and Official Trump (TRUMP).
Whereas exchanges similar to Nasdaq search to record extra crypto ETFs, they’re additionally pushing for firmer US regulatory oversight of digital property. In an April 25 remark letter, Nasdaq urged the SEC to carry digital property to the identical regulatory requirements as securities in the event that they represent “shares by another identify.”
Dogecoin utility
Dogecoin (DOGE) is a well-liked memecoin with a market capitalization of almost $26 billion as of April 29, in accordance to CoinGecko.
It’s distinct from most different memecoins as a result of DOGE is the native token of the Dogecoin community.
The proof-of-work blockchain community is designed as a quicker, cheaper different to Bitcoin (BTC) for peer-to-peer funds.
It processed greater than 40,000 transactions prior to now 24 hours, in line with information from Bitinfocharts.com.
In September 2024, blockchain builders QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling resolution designed to deliver good contracts to Dogecoin.
Journal: Altcoin season to hit in Q2? Mantra’s plan to win belief: Hodler’s Digest, April 13 – 19
