Bitwise Seeks Approval For Dogecoin ETF In Delaware: What It Means For DOGE

In a significant development for both the memecoin and the broader cryptocurrency landscape, Bitwise Asset Management has filed for a Dogecoin ETF in the state of Delaware. 

This application marks a notable addition to the growing roster of exchange-traded products aimed at providing investors with new avenues for cryptocurrency exposure.

How Trump’s Presidency Could Transform Crypto Regulations

The timing of the new Dogecoin ETF filing is particularly relevant given the recent political landscape in the United States. With Donald Trump having taken office for a second term, there is renewed optimism surrounding the regulatory environment for cryptocurrencies. 

President Trump, who previously held the presidency from 2017 to 2021, has expressed intentions to create a more favorable climate for digital assets, contrasting sharply with the regulatory scrutiny that characterized the Biden administration.

Under former President Joe Biden, the US Securities and Exchange Commission (SEC), led by Gary Gensler, adopted a stringent approach to cryptocurrency regulation. This often resulted in a lack of clarity and an enforcement-heavy strategy that led to multiple lawsuits against key players in the digital asset space. 

The regulatory landscape was marked by ambiguity, leaving many investors and companies uncertain about compliance and future opportunities. However, President Trump’s administration has already begun making regulatory changes aimed at fostering cryptocurrency innovation. 

Recent appointments to key regulatory agencies and the establishment of a new crypto council within the White House signal a shift in focus. Observers believe these changes could pave the way for more cryptocurrencies to gain access to investment vehicles like ETFs.

Bitwise Leads The Charge With Dogecoin ETF Application

The filing for the Dogecoin ETF is also inspired by the success of similar investment products that debuted last year, particularly those focused on Bitcoin (BTC) and Ethereum (ETH). 

These ETFs have seen substantial uptake from institutional investors, validating the demand for cryptocurrency-based investment options.

Bitwise is positioning itself as a key player in this emerging market, following its application for a Dogecoin ETF with similar filings for XRP and Solana. 

Other asset managers are also seeking approval for ETFs involving Litecoin (LTC), Hedera (HBAR), and even additional memecoins such as TRUMP and BONK, as evidenced by recent applications from firms like REX Shares and Osprey.

Despite the excitement surrounding the Dogecoin ETF filing, the market reaction has been subdued. As of now, the price of DOGE has remained relatively stable, reflecting a 3% decline over the past 24 hours and a 7% drop over the past week. 

This muted response suggests that while the ETF filing is a positive sign for the future, it has yet to translate into immediate enthusiasm among traders.

But should the Dogecoin ETF receive regulatory approval, it could lead to a significant influx of investment into the memecoin, potentially driving its price higher. 

Featured image from DALL-E, chart from TradingView.com