The U.S. Securities and Exchange Commission (SEC) has taken a significant step forward in the regulation of cryptocurrency-based exchange-traded funds (ETFs) by acknowledging a Dogecoin ETF proposal filed by investment firm 21Shares. This development officially marks the beginning of the SEC’s review process and positions Dogecoin among the growing list of digital assets under active regulatory consideration for publicly traded investment products.

The acknowledgment, confirmed on May 13, indicates that the SEC has accepted the application into its public record and initiated the formal review period. While it doesn’t represent an approval or endorsement, it is a critical procedural milestone. From this point, the SEC now has up to 240 days to determine whether to approve or reject the application.

This move follows a similar filing by Grayscale Investments, which submitted its own Dogecoin ETF proposal earlier in February. That filing also entered the review process, though a final decision remains pending.

According to the SEC’s established timeline, there are typically four decision windows before the final deadline. In the case of the 21Shares filing, the final deadline would be January 9, 2026. Each phase allows the Commission to delay its decision or request additional information, often extending the process to its full length.

Though the ETF application has only just been acknowledged, the crypto community views this as a meaningful step forward for broader cryptocurrency adoption within traditional finance. Dogecoin, initially introduced in 2013 as a lighthearted alternative to Bitcoin, has grown into a widely traded digital asset with a large and active investor base. In recent years, it has gained increased attention from institutional and retail investors alike.

Notably, approval for any Dogecoin ETF would signal a substantial shift in how digital assets are treated by regulators. In the past, crypto ETFs—especially those based on assets outside of Bitcoin—have faced prolonged delays, rejections, or indefinite deferrals due to concerns over market manipulation, liquidity, and investor protection. However, with a new, more crypto-friendly SEC administration under Chairman Paul Atkins, analysts believe altcoin ETFs have a more realistic chance of gaining approval.

According to Bloomberg, the SEC is expected to make decisions on several spot altcoin ETFs as early as October 2025. These could include products based on Ethereum, Solana, and now potentially Dogecoin. The current administration has taken a more open stance on digital asset regulation, focusing on establishing clearer guidelines while encouraging innovation within a secure investment framework.

21Shares, which joined the Dogecoin ETF race with its filing on April 10, is among a growing number of asset managers looking to capitalize on investor demand for regulated crypto exposure. The firm is no stranger to digital asset ETFs, having already introduced multiple crypto-backed products in Europe and other jurisdictions. By bringing its Dogecoin proposal to the U.S. market, 21Shares is seeking to expand access to crypto through familiar investment vehicles, which could appeal to more traditional investors.

However, it’s important to note that the acknowledgment of a filing is not a guarantee of approval. As was the case with Bitcoin, it took more than a decade of proposals before the SEC approved spot BTC ETFs earlier this year. That said, the regulatory environment for digital assets has evolved rapidly, and altcoin-focused products are now being reviewed at a faster pace.

The SEC has already delayed a separate Dogecoin ETF application from Bitwise in late April and postponed its decision on Grayscale’s application in early March. These delays suggest that the agency is proceeding with caution but remains engaged with the process.

While the outcome remains uncertain, the acknowledgment of 21Shares’ Dogecoin ETF proposal represents a growing acceptance of digital assets within the traditional financial system. With the review process now underway, market participants will be watching closely as the SEC’s decision windows approach—and as Dogecoin continues to gain legitimacy as a potential candidate for mainstream investment vehicles.