In a move that has stirred the waters in the memecoin world and the wider cryptocurrency arena, Bitwise Asset Management has submitted a proposal for a Dogecoin ETF in Delaware. This action underscores an expanding list of exchange-traded products crafted to give investors fresh opportunities to engage with the cryptocurrency market.
### How Trump’s Presidency Could Transform Crypto Regulations
The Dogecoin ETF filing comes at an intriguing moment considering the shifting political dynamics in the U.S. With Donald Trump stepping into the presidency for a second term, there’s a hopeful buzz about a more favorable regulatory atmosphere for cryptocurrencies. His prior term from 2017 to 2021 hinted at intentions to support digital assets, a noticeable shift from the regulatory pressures seen during Biden’s time in office.
Under President Joe Biden, the SEC, headed by Gary Gensler, took a tough stance on cryptocurrency oversight. Their approach, often focused on enforcement and plagued by nebulous guidelines, led to a slew of legal actions against major cryptocurrency figures. During this time, investors and businesses were left guessing about what was compliant and what wasn’t, which threw a shadow over potential opportunities. Now, early actions from Trump’s administration indicate moves toward boosting innovation in the crypto sector.
The President’s new appointments to influential regulatory positions and the formation of a White House crypto council suggest a deliberate change in policy. Those keeping an eye on these developments believe they could open doors for a wider range of cryptocurrencies to step into investment platforms like ETFs.
### Bitwise Leads The Charge With Dogecoin ETF Application
The drive for a Dogecoin ETF is drawing inspiration from the successful launch of similar investment vehicles targeting Bitcoin (BTC) and Ethereum (ETH) introduced last year. These products have seen enthusiastic acceptance from institutional investors, highlighting a genuine appetite for crypto investment alternatives.
Bitwise is making significant strides in staking its claim in this budding market with its Dogecoin ETF pursuit and plans for similar ETFs targeting XRP and Solana. Meanwhile, other firms are also jumping on the ETF bandwagon, eyeing cryptocurrencies like Litecoin (LTC), Hedera (HBAR), and additional memecoins such as TRUMP and BONK. Companies like REX Shares and Osprey have also lodged filings.
Despite the buzz surrounding the Dogecoin ETF application, the immediate market response has been lukewarm. The price of DOGE has remained fairly steady, showing a 3% dip in the past 24 hours and down by 7% over the past week. This reserved market movement suggests that even though the filing is a promising prospect for the future, it hasn’t yet sparked immediate excitement among traders.
However, if the Dogecoin ETF secures regulatory approval, it might attract substantial investment in the memecoin, possibly increasing its value significantly above current levels.
