Section 8(a): A Regulatory Shortcut
Issuers Grayscale and Bitwise are deliberately choosing a rarely traveled path. Section 8(a) of the Securities Act of 1933, a provision that allows registration statements to automatically become effective after 20 days unless the SEC intervenes. This approach significantly reduces timelines compared to the standard Rule 19b-4 procedure. Usually used for crypto ETFs including Dogecoin.
Grayscale filed its application in mid-October, positioning a potential launch around November 24th, according to Bloomberg analyst Eric Balchunas. Bitwise, for its part, submitted its filing on November 7th to obtain automatic approval by the end of the month. As soon as the SEC sent them the acknowledgment receipt, it triggered the regulatory countdown and opened the public comment period.
By adopting this strategy, asset managers are redefining how they navigate US regulation by using a provision that favors automatic implementation. Grayscale and Bitwise circumvent the extended review periods that have slowed the launches of Bitcoin ETFs and Ethereum ETFs. Their use of this procedure demonstrates the growing maturity of institutional players in their understanding of the US regulatory framework.
The SEC nevertheless retains the ability to block the process if it identifies shortcomings in investor protection or market integrity. The coming days will show whether the regulator decides to intervene or let the applications run their course.
Dogecoin’s Commodity Status: Decisive Asset Against the SEC
The classification of Dogecoin as a commodity rather than a security constitutes a major regulatory advantage. Unlike Solana or XRP, whose status remains disputed, DOGE benefits from growing consensus among US regulators. The Federal Register explicitly references it under NYSE Arca rule 8.201-E, reserved for “Commodity-Based Trust Shares”. This legal clarity accelerates its potential approval, with the Commodity Exchange Act placing DOGE under the CFTC rather than the SEC. Thanks to this distinction, the asset avoids the regulatory uncertainties that have slowed other crypto ETFs. Bloomberg analysts estimate a 90% probability of approval, positioning Dogecoin among serious candidates to join Bitcoin, Ethereum and Solana in the framework of regulated ETFs in the United States.
This dynamic is part of a genuine institutional race. Major managers like 21Shares, Rex Shares and Osprey Funds have filed their applications, signaling marked sector interest. For 21Shares, the application submitted on April 9, 2025 in partnership with Coinbase Custody illustrates the growing adoption of DOGE by institutional players. Long perceived as a simple speculative meme, Dogecoin is now evolving toward a legitimate investment product, supported by ETF advantages: in-kind creation and redemption, transparent regulatory framework and facilitated access for institutional investors subject to strict fiduciary obligations.
Despite this enthusiasm, DOGE’s price remains stable. Around $0.1543, with a slight 0.45% decline over 24 hours, the asset seems to have integrated part of market expectations, or reflects a cautious attitude before official announcements. Publication in the Federal Register triggers a 240-day review window, during which the SEC can intervene. The market now awaits clear signals to determine if formal approval will trigger a bullish movement.
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