Gray-scale submits revised Dogecoin ETF application, NYSE Arca also seeks to modify its Ethereum trust fund

ChainCatcher news, Grayscale has submitted an amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), planning to convert its Grayscale Dogecoin Trust into an exchange-traded fund (ETF). If approved, the fund will be listed on the NYSE Arca under the ticker symbol "GDOG," with Coinbase designated as its primary broker and custodian.

On the same day, NYSE Arca also submitted a proposal to modify the listing terms for the Grayscale Ethereum Trust ETF and its "mini" trust under the SEC's newly approved "Generic Listing Standards." The new standards mean that such products will be subject to relatively looser regulatory scrutiny. Grayscale cited the new regulations in its application, stating that Dogecoin has been traded on futures and options exchanges regulated by the Commodity Futures Trading Commission (CFTC) for over six months, meeting the relevant requirements. The company also stated that the trust should not be considered an "investment company" as defined by the Investment Company Act of 1940, and therefore is not subject to its constraints. If GDOG is approved, it will become the second securitized product in the U.S. directly tracking the price of Dogecoin. This Thursday, the Dogecoin ETF (DOJE) co-developed by REX and Osprey was just approved for listing by the SEC.