21shares, based in Switzerland, a company that manages the $7 billion Encrypted Currency Exchange Trading Fund (ETF), has submitted an application to the United States Securities and Exchange Commission (SEC) for a spot dog currency ETF.

It also announced cooperation with the business sector of the Dogecoin Foundation, House of Doge, which, according to press releases issued by the company, was concluded on the same day. House of Doge's mission is to promote the “mainstream use of dog coins” and recently submitted an application to become a listed company.

Grayscale and Bitwise, the competitors of 21shares, have filed applications in February and March with the SEC for an ETF, but the Swiss company may have a competitive advantage by virtue of its exclusive partnership with House of Doge and the official approval of the Foundation.

“We are taking a key step to bring transparency and institutional investment options to the market through cooperation with House of Doge,” stated Duncan Moir, President of 21shares.

The Government of the United States President Donald Trump has brought about a dramatic change in culture within the SEC, encouraging a shift from enforcement to providing regulatory clarity. SEC's Corporate Finance Department recently issued a “Staff Statement on Meme Currency”, which essentially states that these assets are not securities.

From this point of view, dogs, which are widely considered to be the first analogue of a encrypted currency, have a considerable chance of obtaining approval from the first United States spot ETF, although other factors, such as liquidity and the possibility of market manipulation, are also considered in the SEC approval process.

“Doggy coins are created to be an interesting, easy-to-access point currency,” explained by Jens Wiechers, a member of the House of Doge's Advisory Board and a co-director of the Dogecoin Foundation. “This collaboration with 21shares provides the agency with a regulated way to engage and to magnify the vision that `dog coin is money' while still respecting the spirit of the community.”