Secret Talks Hint At Spot XRP And Dogecoin ETFs Closer Than Ever
The race to standardize how US exchanges listing spot crypto ETFs seems to be coming into its endgame, with quiet however coordinated rule-filing tweaks that would unlock single-asset merchandise past bitcoin and ether—most notably XRP and Dogecoin.
On X, chairman and president of The ETF Store Nate Geraci captured the temper amongst issuers and exchanges: “Major exchanges proceed to quietly work w/ SEC behind the scenes on generic itemizing requirements for spot crypto ETFs… Given remaining deadlines on present spot crypto ETF filings, [it’s] affordable to anticipate this might be in place by early October. Then crypto ETF floodgates open.”
Why Spot XRP And Dogecoin ETFs Are Closer Than Ever
What’s modified is just not a splashy Commission order, however the methodical convergence of three nationwide exchanges—Cboe BZX, NYSE Arca, and Nasdaq—on practically harmonized generic itemizing requirements (GLS) for Commodity-Based Trust Shares. Their proposals would enable qualifying commodity ETPs—together with those who maintain “digital asset commodities”—to listing with out bespoke 19b-4 approvals every time, offered the merchandise meet prescriptive standards and the exchanges keep sturdy surveillance. NYSE Arca’s new Rule 8.201-E (Generic), Nasdaq’s amendments to Rule 5711(d), and Cboe’s overhauled Rule 14.11(e)(4) all level the identical path: make spot crypto ETF approvals systematic reasonably than one-off, whereas preserving market-integrity guardrails.
A key technical edit operating by way of the filings is how the time period “commodity” is outlined. Greg Xethalis, General Counsel at Multicoin Capital, revealed the key talks as we speak by way of X: “CBOE BZX, the NYSE and NASDAQ as we speak filed amendments to their Commodity-Based Trust Shares ETP Generic Listing Standards.
The amendments largely contact on a technical edit to take away ‘excluded commodities’ from the definition of ‘commodity’ within the GLS,” a belt-and-suspenders transfer that forestalls unintentional sweep-in of devices like interest-rate indexes or currencies below the Commodity Exchange Act’s “excluded commodity” heading. Nasdaq’s submitting spells it out, carving these out explicitly and even footnoting the CEA §1a(19) definition to indicate what’s out of scope.
Equally necessary is the futures-market seasoning take a look at many view because the “on-ramp” for brand new spot merchandise. Cboe’s proposal requires that, amongst different pathways, the underlying asset underlie a futures contract that has been made accessible to commerce on a Designated Contract Market for at the very least six months and that the trade has a surveillance-sharing settlement with that DCM. In apply, the “made accessible to commerce” phrasing anchors the six-month clock to the contract’s itemizing/availability date and aligns with the surveillance logic the SEC has leaned on because the 2024 spot-BTC and spot-ETH approvals.
ETF Applications In The Queue
Against that backdrop, the XRP and Dogecoin dockets are already deep into the 19b-4 pipeline—so standardized itemizing guidelines arriving in late September or early October would collide nearly completely with a number of remaining statutory deadlines:
For XRP, a number of separate spot filings illustrate the cadence. On Nasdaq, the CoinShares XRP ETF (SR-NASDAQ-2025-012) was printed within the Federal Register on February 25, 2025, with proceedings instituted on May 29 and the interval for motion prolonged once more on August 21; below Exchange Act timing, the 240-day outdoors date from publication lands on October 23, 2025.
On NYSE Arca, Grayscale XRP Trust (SR-NYSEArca-2025-08) hit the Register February 20, 2025; the SEC famous the a hundred and eightieth day as August 19—putting the 240-day outdoors date on October 18, 2025. Cboe BZX’s Canary XRP Trust entered the queue with publication on February 25, 2025, likewise pointing to an October 23, 2025 outdoors date. These are basic 19b-4 itemizing information; S-1 registrations should nonetheless go efficient earlier than any shares commerce.
For Dogecoin, multiple spot proposals present related waypoints. The Bitwise Dogecoin ETF on NYSE Arca was issued March 17, 2025, setting a 240-day outdoors date of November 12, 2025. On Nasdaq, the 21Shares Dogecoin ETF discover was printed May 19, 2025, implying an outdoor date of January 14, 2026. Grayscale’s Dogecoin Trust filed an S-1 on August 15, 2025, disclosing that NYSE Arca lodged its companion 19b-4 on January 31, 2025—proof issuers have been getting ready each legs of the approval stool.
The upshot: if the SEC blesses the generic itemizing requirements on the schedule the business now expects, the calendar neatly traces up with XRP’s October 18–23 outdoors dates—and Dogecoin’s November 12 follow-on—creating precisely the “floodgates” window Geraci described.
At press time, XRP traded at $2.81.