The U.S. Securities and Exchange Commission (SEC) is reviewing an application from Nasdaq (NDAQ) to list a new exchange-traded fund (ETF) focused on Dogecoin (CRYPTO:DOGE), according to a regulatory filing on Friday.
What Happened: The Dogecoin ETF is being proposed by privately held asset manager 21Shares, which has teamed up with the Dogecoin Foundation’s House of Doge to launch the new spot ETF.
The ETF, named 21Shares Global Total Return VI ETF, will aim to follow the spot price of Dogecoin, taking into account expenses and other relevant liabilities. It will be a passive investment vehicle, designed to hold Dogecoin digital tokens in a manner that closely tracks the performance of the underlying cryptocurrency.
The ETF will not engage in any form of leverage, derivatives, or similar products to achieve its investment goals, as stated in the filing. Coinbase (NASDAQ:COIN) Custody Trust will be responsible for holding the fund’s tokens and will act as the official custodian for the new Dogecoin ETF.
The SEC, the regulator of Wall Street, has been deluged with proposals for spot crypto ETFs, including several focused on Dogecoin. However, the commission has yet to approve any beyond those for Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH)
The SEC recently postponed its decision on two separate proposals for spot ETFs that would follow the price movements of XRP and Dogecoin, respectively.
Why It Matters: The SEC has faced pressure from several lawmakers to approve a spot Bitcoin ETF. In March, a federal judge ruled against the SEC’s attempt to block an application for a spot Bitcoin ETF from asset manager WisdomTree (NASDAQ:WMT).
The SEC is expected to make a decision on several proposals for a spot Bitcoin ETF by the middle of October.
Now Read This: US Lawmakers Blast SEC Chair Gensler Over Lack Of Clear Cryptocurrency Regulations
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