SEC's Position Challenges Altcoin Goals as Dogecoin ETF Faces Obstacles

21Shares’ Spot

ETF has officially appeared on the Depository Trust & Clearing Corporation (DTCC) platform with the ticker symbol TDOG, representing a significant procedural step toward its potential debut in the U.S. market. Being listed on the DTCC provides the necessary technical framework for trade clearing and settlement, allowing brokers to get ready for possible trading once regulatory permissions are granted Traders Eye DOGE as 21Shares Dogecoin ETF Advances [ 1 ]. This move comes after 21Shares filed its S-1 registration with the U.S. Securities and Exchange Commission (SEC) in April 2025, alongside Nasdaq’s proposal to list the ETF under commodity trust regulations Traders Eye DOGE as 21Shares Dogecoin ETF Advances [ 1 ]. While the DTCC listing demonstrates operational preparedness, it does mean the SEC has approved the product, as regulatory clearance is still required Traders Eye DOGE as 21Shares Dogecoin ETF Advances [ 1 ].

The SEC has not yet completed its evaluation of the 21Shares Dogecoin ETF proposal, with a decision expected sometime between October 2025 and January 2026 Full List of Dogecoin ETFs Awaiting SEC Approval [ 5 ]. The agency’s careful stance on cryptocurrency ETFs—especially for coins like Dogecoin, which is often seen as lacking fundamental utility—has led to doubts about the likelihood of approval. Experts point out that the SEC’s main issues are market manipulation, liquidity concerns, and protecting investors, all of which are heightened for highly volatile and sentiment-driven tokens. Bloomberg’s Eric Balchunas noted the importance of the TDOG ticker, sparking conversations among traders and online, but he stressed that a DTCC listing is a technical formality, not a regulatory endorsement Traders Eye DOGE as 21Shares Dogecoin ETF Advances [ 1 ].

Following the DTCC announcement, Dogecoin’s price dropped by 4% to $0.2405, even as its 24-hour trading volume soared by 98% to $4.9 billion Traders Eye DOGE as 21Shares Dogecoin ETF Advances [ 1 ]. This price movement highlights Dogecoin’s vulnerability to market sentiment and regulatory news. Institutional interest in Dogecoin is on the rise, with firms like CleanCore Solutions now holding over 600 million

, worth $160 million 21Shares DOGE ETF Listed on DTCC Ahead of Launch [ 3 ]. Still, analysts warn that without SEC approval, the ETF’s effect on Dogecoin’s price is unpredictable. Some believe that a green light could boost institutional participation, similar to what happened with ETFs, while a denial could slow momentum in the short term Full List of Dogecoin ETFs Awaiting SEC Approval [ 5 ].

The competition for a Dogecoin ETF is intensifying, with several applications in the pipeline. REX-Osprey’s DOGE ETF (DOJE) became the first Dogecoin fund to be listed in the U.S. in early September 2025 21Shares DOGE ETF Listed on DTCC Ahead of Launch [ 3 ]. Bitwise, Grayscale, and 21Shares have also filed their own proposals, each facing unique regulatory timelines. The SEC’s standard 240-day review period for most applications has pushed final decisions as far as January 2026 Full List of Dogecoin ETFs Awaiting SEC Approval [ 5 ]. Observers believe that approval of any Dogecoin ETF would mark a shift in the SEC’s stance on altcoins, potentially opening the door for more crypto ETFs in the future 21Shares Lists Dogecoin ETF on DTCC, Awaiting SEC Approval [ 4 ].

Despite these procedural advances, significant obstacles remain. The SEC’s longstanding reservations about crypto ETFs—mainly due to concerns about market fairness and investor safety—continue to be a major factor. For Dogecoin, the absence of a clear practical use beyond speculation makes regulatory approval more challenging compared to assets like Bitcoin or

. However, as institutional adoption of cryptocurrencies grows and market infrastructure matures, including DTCC’s role in settlements, there are signs regulators may eventually broaden their acceptance of digital assets 21Shares Lists Dogecoin ETF on DTCC, Awaiting SEC Approval [ 4 ].

Investors should keep an eye on key updates, such as the SEC’s decision on Nasdaq’s rule change, the activation of 21Shares’ registration, and any official launch news. Until regulatory approval is granted, the DTCC listing remains a preparatory measure, not a guarantee of an ETF launch. The final outcome will likely shape not just Dogecoin’s future, but also the broader integration of altcoins into mainstream finance Traders Eye DOGE as 21Shares Dogecoin ETF Advances [ 1 ].