Dogecoin's Approach to Bitcoin Status and Its Effects

Dogecoin Approaches Bitcoin Status

Dogecoin (DOGE) has taken a significant step towards achieving a similar regulatory status as Bitcoin (BTC) with a new bill released by the U.S. Senate Banking Committee. According to the proposal, DOGE will automatically be classified as a "non-security" asset due to its possession of an ETF that is traded on leading exchanges before January 1st.

Elimination of Regulatory Barriers

This development means that DOGE will be exempt from the securities rules of the U.S. Securities and Exchange Commission (SEC). As a result, major cryptocurrency exchanges will be able to list DOGE without the risk of securities law violations. For example, platforms like Coinbase will be able to trade DOGE more securely.

Revival of ETF Applications

Additionally, portfolio managers who previously suspended Dogecoin ETF applications will have the opportunity to resubmit these applications thanks to the clarity provided by the regulators. This situation may lead to a wider acceptance of Dogecoin as an investment vehicle.

Voting Process and Expectations

The Senate Banking Committee is expected to vote on the draft on Thursday. If the bill is approved, the regulatory barrier for Dogecoin ETF products will be completely removed. Following this development, investor interest in DOGE may further increase.

In conclusion, if Dogecoin's regulatory status becomes equivalent to Bitcoin, it is likely to have a significant impact on the market value and acceptance rate of the cryptocurrency.