Grayscale resubmits updated S-1 on Dogecoin ETF, NYSE Arca seeks amendments of Ethereum trust, raising crypto ETF buzz.
Grayscale has made a significant move towards registering a Doge coin exchange-traded fund (ETF) by filing an amended S-1 registration statement with the U.S. SEC.
The filing seeks to change its closed-ended Dogecoin Trust to a spot ETF and list on the NYSE Arca under the ticker symbol GDOG.
At the same time, the Grayscale Ethereum Trust ETF and the mini version have been proposed to be amended by NYSE Arca.
These amendments will bring the Ethereum trusts into the newly granted universal listing standards that are aimed at making the SEC regulation process easier to manage.
Grayscale Dogecoin ETF Shuffles the Cryptocurrency Markets.
The updated S-1 is an indicator of Grayscale still striving to increase the number of people with access to crypto assets through regulated financial products.
The fact that Coinbase was selected as the primary broker-dealer and custodian of the Dogecoin ETF points to the fact that the company was trying to increase the trust of both institutional and retail investors.
The supporters of Grayscale claim that the Dogecoin Trust is not a registered investment business according to the Investment Company Act of 1940.
The filing also takes advantage of recent SEC requirements that six months of regulated futures market of digital assets are required, which Dogecoin allegedly fulfills.
The new Dogecoin ETF is based on new excitement in the crypto ETF industry following the recent approval of XRP and Dogecoin-based ETFs.
Analysts perceive this as a window that may be followed by a rush of new crypto ETF launches on large American exchanges and expanded access to mainstream investors.
NYSE Arca Refines the Ethereum Trusts under the new listing regulations.
The filing by NYSE Arca aims to amend the organization of the Grayscale Ethereum Trust ETFs to fit within the recently adopted universal listing standards framework by the SEC. These reforms will facilitate the trade requirements and will also decrease regulatory burdens.
The change in regulation indicates a wider organizational tendency in the industry to list crypto products in a more standardized way, with more straightforward, simplified regulations.
It would also bring additional capital into Ethereum-based ETFs, which would increase market liquidity and investor decisions.
Both Grayscale and NYSE Arca amendment filings indicate a strategic intention to move a range of crypto funds near regulatory fit and diversify their product offering with available and novel products.
The developments highlight how the investor demand for cryptocurrency exposure via regulated vehicles is changing.
They are also evidence of an SEC position possibly thawing to crypto ETFs with the maturing market.
Source: https://www.livebitcoinnews.com/grayscale-revamps-dogecoin-etf-bid-amid-nyse-arcas-ethereum-changes/