SEC Delays Decision on Grayscale's Cardano ETF Until Late 2025
SEC Pushes Back Decision on Grayscale’s Cardano ETF
The United States Securities and Exchange Commission (SEC) has extended its review period for the proposed Grayscale Cardano ETF. Originally due on August 27, the decision has been rescheduled to October 26, 2025.
Why the Delay?
NYSE Arca initially filed the proposal in February to list and trade shares of the Grayscale Cardano ETF under its commodity-based trust shares rule. After amendments and a public comment period, the SEC has opted for more time.
According to the SEC document, the extension allows regulators to further assess investor protections and market structure considerations. This pattern aligns with previous crypto-related ETF proposals.
The proposed Cardano ETF aims to provide investors exposure to Cardano's native token (ADA) without requiring direct purchase or storage. Grayscale already manages similar trusts for Bitcoin and Ethereum, both of which underwent extensive regulatory reviews.
Impact on Cardano
- Increased Accessibility: Approval would enhance mainstream access to ADA via traditional brokerages.
- Institutional Interest: Reflects growing institutional attention in ADA.
- Potential Setback: Denial would disrupt Grayscale's efforts to provide regulated access to ADA.
Grayscale argues that listing crypto trusts on public exchanges increases transparency, improves pricing, and eases investor access.
Other ETF Decisions Delayed
The SEC has also postponed decisions on the Canary PENGU and WisdomTree XRP ETFs, setting a new deadline of October 12. The agency stated it needs more time to review the details of these proposals as well.
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