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Shiba Inu (SHIB) might become the second meme coin to get a spot exchange-traded fund (ETF) after Dogecoin. This comes after the US securities regulator issued a clarification stating that SHIB and other digital assets are classified as commodities. Meanwhile, a $1.8 trillion asset manager recently issued an updated filing for an ETF that includes SHIB.
Asset Manager Submits Filing For New Crypto ETF Including SHIB
Months after Dogecoin ETFs started trading, asset managers are now seeking to give their clients exposure to the second-largest meme coin, SHIB. T. Rowe Price, an asset manager with $1.8 trillion in assets under management, has submitted an amended S-1 filing with the US Securities and Exchange Commission for a Price Active Crypto ETF.
This ETF will give holders exposure to various crypto assets, including Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu. If the SEC approves this product, it will make it easier for institutions to get exposure to SHIB.
The launch of spot Dogecoin ETFs has proven that if an SHIB ETF launches, it could amass inflows. According to SoSoValue, the three spot DOGE ETFs that are currently trading have amassed more than $10 million in net assets. This is notably higher than the Canary’s Litecoin ETF, which has amassed $6.71 million in net assets since its launch.
SEC Classifies Shiba Inu as a Digital Commodity
Despite the delayed passing of the CLARITY Act, the SEC has given clarity on crypto regulations. In a statement released on March 17, the commission stated that various assets, including SHIB, XRP, Bitcoin, Ethereum, Solana, Litecoin, Hedera, Chainlink, and Dogecoin, are digital commodities.
Per these guidelines, these digital assets will now fall under the purview of the SEC and the CFTC. According to a member of the Shiba Inu community, LUCIE, this approval confirms that despite SHIB’s meme coin status, it cannot be classified as a security.
“In today’s joint SEC/CFTC guidance, SHIBA INU is explicitly named as a digital commodity: NOT a security. Meme coin status? Confirmed non-security. Value from community, culture & market demand – not promoter promises,” LUCIE stated.
If the SEC’s guidance leads to the launch of an SHIB ETF, it could mark a turnaround for the meme coin, which has been under bearish pressure amid negative sentiment across the broader crypto market.
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Source: https://zycrypto.com/shiba-inu-spot-etf-finally-within-reach-as-sec-deems-shib-a-commodity/
