Wall Street Could Soon Trade Dogecoin as Nasdaq Submits | Crypto News

Wall Street Could Soon Trade Dogecoin as Nasdaq Submits | Crypto Work Pro

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

Regulatory Approval in Progress

The utility 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 not start trading till the regulator
indicators off, and that course of might take months. The SEC is at present reviewing
more than 70 crypto ETF filings, together with comparable requests for altcoins like
Solana and Sui, Cointelegraph reported.

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 additionally submitted competing purposes
as they race to seize demand for altcoin investment merchandise.

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SEC is at present reviewing a number of filings associated to the
potential itemizing of Dogecoin-based exchange-traded funds (ETFs). Last month, NYSE
Arca sought approval to listing Bitwise’s Dogecoin ETF, with
Coinbase Custody managing the Dogecoin holdings and Bank of New York Mellon
overseeing the money asset.

JUST IN: Bitwise has filed for a spot Dogecoin $DOGE ETF.63% probability it is permitted this yr. pic.twitter.com/xSv1n5MR1q

— Polymarket (@Polymarket) March 3, 2025

Nasdaq Pushes for Consistent Oversight

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

Unlike many different meme cash, Dogecoin operates on its own blockchain and makes use of a proof-of-work mechanism. This makes it functionally much like Bitcoin however cheaper and sooner for small transactions. Currently, Dogecoin has a market cap of practically $26 billion and traded at $0.1773 on the time of publication.

The Road Ahead

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

If permitted, Dogecoin might be a part of the growing listing of
digital belongings accessible through regulated investment automobiles, bringing the meme
token a step nearer to mainstream portfolios.

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