After the U.S. Securities and Exchange Commission (SEC) accepted the spot ETF applications from Grayscale and 21Shares, the prices of Dogecoin ($DOGE) and $XRP surged over 10% on Friday. The SEC has issued a notice seeking public comments on the proposed rule changes, marking the beginning of the formal review process, which can last up to 240 days. Grayscale plans to navigate regulatory issues by processing cash transactions through authorized participants, while Coinbase Custody and BNY Mellon will serve as custodial and administrative functions, respectively. 21Shares has also submitted an $XRP ETF application. Although these acknowledgments do not equate to approvals, they are significant first steps. Investor sentiment is rising, with Polymarket data showing the probabilities of $DOGE and $XRP ETF approvals increasing to 75% and 78%, respectively. Bloomberg analysts James Seyffart and Eric Balchunas have also estimated the chances of approval. The SEC's shift in stance is related to the departure of former Chairman Gary Gensler, who was skeptical of crypto assets. As the review process unfolds, investor optimism regarding $DOGE and $XRP ETFs could drive further growth in these two assets.