The petition was posted on Sunday, February 25, and is addressed to Grayscale CEO Michael Sonnenshein.. The main initiator is a community member under the pseudonym SHIB BPP.
The petition has already collected 668 signatures out of the required 1000. SHIB-ETF supporters named the main reasons for launching the product. First of all, SHIB holders claim that this memcoin is the second most popular crypto asset in the US. This means the market is ready for SHIB-linked ETFs. Secondly, the authors of the petition are confident that thanks to exchange-traded funds on SHIB, it will be easier for investors to gain access to the asset. As an ERC-20 token, SHIB is not classified as a security under the Howey test, so Grayscale should have no regulatory issues with launching an ETF on SHIB, token holders say.
After the US Securities and Exchange Commission (SEC) approved bitcoin spot ETFs in January, investment firms began filing applications to launch exchange-traded funds linked to ether.. Therefore, now members of the crypto community hope that memcoins also have a chance. However, so far the likelihood of approval is low, since the regulator has not yet made a decision regarding ETFs for cryptocurrencies other than BTC. In early February, the SEC delayed a decision on Invesco Galaxy's application to launch spot ETH-ETFs.
Recently, Ripple CEO Brad Garlinghouse expressed hope that XRP ETFs will inevitably appear in the United States in the foreseeable future.