The Federal Reserve's 25 basis point rate cut sends the crypto markets higher,

and the first XRP and Doge ETFs are here.

You're watching Coin Desk Daily.

I'm your host, Jen Sanasi.

The Federal Reserve has cut its benchmark Fed funds rate range by 25.

It bases points to 4 to 4.5%.

This is the central bank's first rate reduction since December 2024,

which Fed Chair Jerome Powell referred to as a risk management cut.

The overall crypto market has grinded higher following the announcement

with Bitcoin topping $117,900, like Sam just mentioned.

That's the highest level since August 17th.

Major tokens, including ether, Solana and Dogecoin, have all inched higher on the Dovish Fed rate projection.

All right, Rex Osprey is launching the first U.S. listed spot ETFs for XRP and Doge today,

September 18th.

The products will debut on CBO VZX Exchange under the tickers XR and DOJE.

XRP is on the rise following the announcement. Also contributing to the upside

is bullish news coming out from the CME group, which said it plans to introduce options on

XRP and Seoul Futures on October 13th, subject to regulatory review. And moving on to the

regulatory side of things, the SEC has approved a new set of rules that will make it easier for exchanges to list exchange traded products.

According to Chair Atkins, the move was aimed at reducing barriers to access digital asset products in a regulated manner.

The easing in listing standards could potentially open the door for a wave of spot-based alt-coin ETFs that have been waiting for regulators nod to enter the market.

Alongside the rule change, the SEC also approved the gray scale digital large-cap fund and options tied to the CBO Bitcoin US ETF index.

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