Wall Street Could Soon Trade Dogecoin as Nasdaq Submits ETF Application

Dogecoin, the meme-inspired cryptocurrency that started
as a joke, could quickly discover itself listed on Wall Avenue. Nasdaq has submitted a
formal request to the U.S. Securities and Change Fee (SEC) to checklist an
exchange-traded fund holding Dogecoin.

Regulatory Approval in Progress

The appliance follows 21Shares’ submitting on April 10
to create a Dogecoin ETF. Nasdaq’s involvement provides momentum to the proposal,
however SEC approval stays a key hurdle.

The fund can’t start buying and selling till the regulator
indicators off, and that course of might take months. The SEC is at the moment reviewing
greater than 70 crypto ETF filings, together with related requests for altcoins like
Solana and Sui, Cointelegraph reported.

This ETF surge comes after President Trump’s new
administration urged regulators to take a extra crypto-friendly stance. Fund
managers like Bitwise and Grayscale have additionally submitted competing functions
as they race to seize demand for altcoin funding merchandise.

Nasdaq Pushes for Constant Oversight

Whereas backing new crypto ETFs, Nasdaq can be calling
for stricter and extra uniform regulation. In an April 25 letter to the SEC, the
alternate argued that digital property resembling securities needs to be held to the
similar requirements.

In contrast to many different meme cash, Dogecoin operates by itself blockchain and makes use of a proof-of-work mechanism. This makes it functionally just like Bitcoin however cheaper and quicker for small transactions. As of April 29, Dogecoin had a market cap of practically $26 billion and had processed over
40,000 transactions within the earlier 24 hours.

Builders are additionally working to develop Dogecoin’s
capabilities. In September 2024, QED Protocol and Nexus introduced plans to
launch a layer-2 answer to allow sensible contract performance on the
Dogecoin community, a growth that might enhance its utility and strengthen
the case for ETF inclusion.

The Street Forward

Whether or not or not the SEC approves 21Shares’ Dogecoin
ETF, the rising curiosity in altcoin-backed funds suggests a broader shift in
how conventional finance engages with crypto.

If authorized, Dogecoin might be a part of the rising checklist of
digital property accessible by way of regulated funding automobiles, bringing the meme
token a step nearer to mainstream portfolios.

This text was written by Jared Kirui at www.financemagnates.com.



Source link