First Dogecoin ETF Launches as SEC Delays Another

The US crypto ETF market is witnessing a stark contrast in regulatory fortunes. While the SEC delayed Bitwise’s application for a spot Dogecoin ETF on Tuesday, the DOJE ETF from REX Shares and Osprey Funds is cleared to start trading this Thursday.

The difference lies in their legal approach. DOJE is structured under the Investment Company Act of 1940, regulating it as a traditional investment company that happens to hold crypto through a Cayman Islands subsidiary.

Bitwise’s proposal, however, requires a specific SEC rule change for a spot commodity-based ETF—a much higher bar for approval. This dual narrative underscores the complex and fragmented regulatory landscape for digital assets.