Wall Street Could Soon Trade Dogecoin as Nasdaq Submits ETF Application
Dogecoin, the meme-inspired cryptocurrency that began as a joke, may soon find itself listed on Wall Street. Nasdaq has submitted a formal request to the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund holding Dogecoin.Regulatory Approval in ProgressThe application follows 21Shares’ filing on April 10 to create a Dogecoin ETF. Nasdaq’s involvement adds momentum to the proposal, but SEC approval remains a key hurdle. The fund cannot begin trading until the regulator signs off, and that process could take months. The SEC is currently reviewing more than 70 crypto ETF filings, including similar requests for altcoins like Solana and Sui.This ETF surge comes after President Trump’s new administration urged regulators to take a more crypto-friendly stance. Fund managers like Bitwise and Grayscale have also submitted competing applications as they race to capture demand for altcoin investment products.Nasdaq Pushes for Consistent OversightWhile backing new crypto ETFs, Nasdaq is also calling for stricter and more uniform regulation. In an April 25 letter to the SEC, the exchange argued that digital assets resembling securities should be held to the same standards. Unlike many other meme coins, Dogecoin operates on its own blockchain and uses a proof-of-work mechanism. This makes it functionally similar to Bitcoin but cheaper and faster for small transactions. As of April 29, Dogecoin had a market cap of nearly $26 billion and had processed over 40,000 transactions in the previous 24 hours.Developers are also working to expand Dogecoin’s capabilities. In September 2024, QED Protocol and Nexus announced plans to launch a layer-2 solution to enable smart contract functionality on the Dogecoin network, a development that could increase its utility and strengthen the case for ETF inclusion.The Road AheadWhether or not the SEC approves 21Shares’ Dogecoin ETF, the growing interest in altcoin-backed funds suggests a broader shift in how traditional finance engages with crypto. If approved, Dogecoin could join the growing list of digital assets accessible via regulated investment vehicles, bringing the meme token a step closer to mainstream portfolios. This article was written by Jared Kirui at www.financemagnates.com.
Dogecoin, the meme-inspired cryptocurrency that began as a joke, may soon find itself listed on Wall Street. Nasdaq has submitted a formal request to the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund holding Dogecoin.
Regulatory Approval in Progress
The application follows 21Shares’ filing on April 10 to create a Dogecoin ETF. Nasdaq’s involvement adds momentum to the proposal, but SEC approval remains a key hurdle.
The fund cannot begin trading until the regulator signs off, and that process could take months. The SEC is currently reviewing more than 70 crypto ETF filings, including similar requests for altcoins like Solana and Sui.
This ETF surge comes after President Trump’s new administration urged regulators to take a more crypto-friendly stance. Fund managers like Bitwise and Grayscale have also submitted competing applications as they race to capture demand for altcoin investment products.
Nasdaq Pushes for Consistent Oversight
While backing new crypto ETFs, Nasdaq is also calling for stricter and more uniform regulation. In an April 25 letter to the SEC, the exchange argued that digital assets resembling securities should be held to the same standards.
Unlike many other meme coins, Dogecoin operates on its own blockchain and uses a proof-of-work mechanism. This makes it functionally similar to Bitcoin but cheaper and faster for small transactions. As of April 29, Dogecoin had a market cap of nearly $26 billion and had processed over 40,000 transactions in the previous 24 hours.
Developers are also working to expand Dogecoin’s capabilities. In September 2024, QED Protocol and Nexus announced plans to launch a layer-2 solution to enable smart contract functionality on the Dogecoin network, a development that could increase its utility and strengthen the case for ETF inclusion.
The Road Ahead
Whether or not the SEC approves 21Shares’ Dogecoin ETF, the growing interest in altcoin-backed funds suggests a broader shift in how traditional finance engages with crypto.
If approved, Dogecoin could join the growing list of digital assets accessible via regulated investment vehicles, bringing the meme token a step closer to mainstream portfolios. This article was written by Jared Kirui at www.financemagnates.com.
