BREAKING: SEC Puts Dogecoin ETF on a Leash, For Now

• The SEC extended its review of the Grayscale Dogecoin Trust proposal, citing the need for a thorough evaluation, while DOGE gained nearly 10% in the last 24 hours
• DOGE currently trades at $0.1667, down over 16% in seven days, as the memecoin recovers from a broader cryptocurrency market slump caused by bearish trends
• The SEC decision caught investors off guard, but daily performance suggests the ETF review delay hasn't significantly impacted Dogecoin's short-term momentum

The Securities and Exchange Commission (SEC) has recently hit the pause button on the potential rule change to list and trade shares of Grayscale Dogecoin Trust under NYSE Arca Rule 8.201-E. The decision, detailed in Release No. 34-102582, was disclosed on March 11, 2025.

The proposal, initially filed by NYSE Arca, Inc. on January 31, 2025, seeks to introduce the Grayscale Dogecoin Trust as a commodity-based trust share. An amendment to the proposal, filed on February 10, 2025, replaced the original filing entirely. The SEC published the modified proposal for public comment in the Federal Register on February 20, 2025.

Under Section 19(b)(2) of the Securities Exchange Act of 1934, the SEC is required to act on proposed rule changes within 45 days of their publication. However, the Commission has the authority to extend this period by up to 90 days if deemed necessary. 

The SEC’s latest notice indicates that it will take additional time to evaluate the Grayscale Dogecoin Trust proposal, citing the need for a thorough review of the amendment and public feedback.

SEC Halt Comes Amidst DOGE Recovery 

The decision to extend the review for the proposed rule change has caught Dogecoin investors by surprise. At this time of writing, the memecoin is up by almost 10% over the last 24 hours, aiming to recover the losses seen during the previous weeks. 

Currently, $DOGE is trading at $0.1667 according to CoinMarketCap — down by over 16% over the last 7 days. Much like the rest of the cryptocurrency market, Dogecoin was hit hard by the most recent bearish downturn seen on the market.

As of right now, the news regarding the ETF halt has not affected the currency negatively on the daily chart. 

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