The SEC has officially acknowledged Grayscale’s proposal to convert its XRP Trust into an exchange-traded fund (ETF), a major step in XRP’s regulatory journey. While this doesn’t guarantee approval, it shows there’s more and more recognition of XRP in traditional finance.

Ripple (XRP) and Dogecoin (DOGE) rallied Thursday after the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale’s filings to list spot exchange-traded funds (ETFs) for both cryptocurrencies.

The Securities and Exchanges Commission acknowledged a filing by the New York Stock Exchange and Grayscale for an XRP ETF on Thursday.