The US Exchange NASDAQ is seeking permission from regulators to list the 21-share Exchange Sales Fund (ETF) that holds the popular Memcoin Dogecoin, regulatory submissions have been shown.
The move follows 21Shares’ first proposal on April 10th, which submitted its first proposal to launch a Dogecoin ETF shortly after similar applications from rivals. Asset managers are also seeking permission from regulatory authorities to list ETFs holding other cryptocurrencies, such as Solana (SOL), XRP (XRP), and Polkadot (DOT).
NASDAQ must obtain approval from the Securities and Exchange Commission (SEC) before listing and trading funds. Requests correspond to a regulatory review process where a wider range of investors can determine whether Dogecoin is accessible through an ETF structure.
Related: 21 share files for US Spot Dogecoin ETF
Altcoin ETF onslaught
After US President Donald Trump began in January, he instructed the SEC to take a friendly stance towards Cryptocurrencies, the fund’s issuer requested that dozens of Altcoin ETFs be listed.
As of April 21st, over 70 Crypto ETFs were awaiting SEC reviews. The list includes alternative layer-1 (L1) native tokens such as Sol and Sui (SUI), as well as memo coins such as Bonk (Bonk) and official Trump (Trump).
Exchanges such as Nasdaq are trying to list more crypto ETFs, but they are also pushing for stronger US regulatory oversight of digital assets. In a comment letter on April 25th, Nasdaq urged the SEC to retain digital assets to the same regulatory standards as the securities if they constitute “stocks under other names.”
Dogecoin Utility
According to Coingecko, Dogecoin (Doge) is a popular Memecoin.
Doge is a native token for the Dogecoin network, which is different from most other Memocoins.
The Work Proof Blockchain Network is designed as a faster and cheaper alternative to Bitcoin (BTC) for peer-to-peer payments.
According to data from bitinfocharts.com, it has processed over 40,000 transactions in the last 24 hours.
In September 2024, blockchain developers QED Protocol and Nexus tilted their plans to launch a Layer 2 (L2) scaling solution designed to bring smart contracts to Dogecoin.
magazine: Is it Altcoin season a hit in Q2? Mantra Plans to Gain Trust: Hodler’s Digest, April 13-19
