SEC in Talks Over Bitwise’s Dogecoin & Aptos ETFs – Bullish Signal or Regulatory Theater?

The SEC just blinked—and crypto markets are leaning in. Bitwise’s audacious push for Dogecoin and Aptos ETFs has regulators at the table. Here’s why it matters.

### When Meme Meets Mainstream

Dogecoin, the Shiba Inu-themed ‘joke’ that outlived its skeptics, might soon get Wall Street’s stamp of approval. Meanwhile, Aptos—the ‘Solana killer’ with Facebook DNA—is quietly building institutional cred. The SEC’s engagement isn’t just paperwork; it’s a neon sign flashing ‘crypto isn’t going anywhere.’

### The ETF Endgame

Bitwise didn’t file this for fun. They’re betting the SEC’s notorious resistance is cracking—or at least calculating the political cost of saying no. Post-Bitcoin ETF approvals, the floodgates are creaking. If DOGE gets the nod, even ‘degenerate’ alts could rebrand as ‘diversified portfolios.’

### The Fine Print

Don’t pop champagne yet. ‘Engagement’ isn’t approval—it’s the SEC buying time to draft a 50-page rejection letter. But every delay feeds the narrative: crypto’s regulatory purgatory might finally have an exit.

### Bottom Line

Wall Street wants in, the SEC wants control, and Bitwise just handed them both a script. Whether this ends in ETFs or another round of ‘come back next year,’ one thing’s clear: the lines between crypto and traditional finance aren’t just blurring—they’re being erased. (And yes, that includes the line separating ‘asset’ from ‘meme.’)

Bitwise Amends Altcoin ETF Filings

Since the SEC came under new leadership, a flood of new altcoin ETF applications has been coming in. One issuer, Bitwise, has been a particular leader, being the first one to file applications for several altcoins.

Today, it may have made some progress, as prominent ETF analysts reported on new happenings with Bitwise’s Aptos and Dogecoin ETF filings.

Bitwise has filed amended S-1s for their spot dogecoin ETF and their spot Aptos ETFs. Good signs as it indicates SEC engagement, and tracks with other spot approvals. pic.twitter.com/vWpkMwyhyT

Bitwise was the first company to file for an Aptos or Dogecoin ETF, but they haven’t made much progress since. Normally, neither of these products ranks as the most likely altcoin ETF approvals, but today brought encouraging signs.

These amended filings suggest behind-the-scenes dialogue with the SEC, revealing important clues.

Additionally, the underlying assets earned some recent wins that may help Bitwise’s ETF efforts. Aptos, a prominent LAYER 1 blockchain, recently became a finalist for Wyoming’s stablecoin competition.

It tied for first place with solana and may therefore be selected to help deploy a US state’s official token.

The Wyoming Stable Token Commission has placed Aptos as the highest-scoring blockchain candidate for WYST—the first fiat-backed stablecoin issued by a U.S State—tying for 1st place with Solana.

WYST will be deployed using @LayerZero_Core. pic.twitter.com/CMUyRbs4Gq

This sort of institutional acceptance is unprecedented in the US and may influence the SEC’s decision. Dogecoin, arguably the first meme coin, has not had a similar recent breakthrough.

As Eric Balchunas noted, however, the revised Dogecoin ETF proposal includes in-kind creations and redemptions.

Several key ETF issuers have been lobbying for this for months, with no apparent progress. If Bitwise included this component in the updated ETF filing, it may indicate the SEC’s willingness to grant the request.

If nothing else, the firm chose Dogecoin and Aptos as the two altcoin ETF proposals to update, and it has many such filings to choose from.

To be clear, though, nothing is certain yet. These filings are a positive sign, but the Commission’s exact schedule and mindset remain somewhat opaque. It currently has over 70 altcion ETFs to review, and the applications are piling up.