The USA Securities and Change Fee has delayed its determination on Grayscale’s proposed spot ETFs for Avalanche and Cardano, extending the evaluation interval to fifteen July 2025.
A Might 28 press launch from the Fee mentioned it was applicable to designate an extended interval to think about the proposed rule change. The SEC made the designation below Part 19(b)(2) of the Securities Change Act of 1934, which permits for extensions past the preliminary 45-day evaluation window.
Nasdaq filed the Avalanche ETF proposal on 27 March 2025 and seeks to checklist and commerce shares of the Grayscale Avalanche Belief below Nasdaq Rule 5711(d), which governs Commodity-Primarily based Belief Shares.
The proposed rule change was revealed within the Federal Register on 16 February 2025, triggering the statutory evaluation timeline. The unique 45-day determination deadline was set for 31 Might 2025.
Individually, Grayscale’s Cardano ETF proposal was submitted via NYSE Arca on 10 February 2025, and plans to transform the prevailing Grayscale Cardano Belief right into a spot ETF.
An amended model of the submitting was submitted on 20 February and later revealed for public touch upon 28 February, formally initiating a 240-day evaluation window that ends on 22 October 2025.
With the delay now confirmed, the following key date within the approval course of for each ETFs is 15 July 2025, when the Fee should both approve, reject, or provoke proceedings to additional consider the proposals.
Public feedback stay open throughout this time, with the SEC actively soliciting suggestions on the purposes.
No altcoin ETF has secured approval to this point, which reaffirms the SEC’s measured strategy towards crypto merchandise past Bitcoin and Ethereum.
Below its new management, the Fee has prolonged evaluation durations for a number of different cryptocurrency-based ETFs, together with these for Solana, XRP, and Ethereum staking merchandise.
Earlier this month, the SEC postponed selections on 4 Solana ETF filings from Bitwise, 21Shares, VanEck, and Canary, stating it could “institute proceedings” to evaluate whether or not these proposals met regulatory requirements.
Analysts recommend that these delays are a part of the SEC’s commonplace evaluation course of for revolutionary monetary merchandise, akin to crypto ETFs.
Bloomberg ETF knowledgeable James Seyffart has beforehand defined that the regulator usually takes the total 240 days to guage such filings, indicating that ultimate selections on many of those ETFs might not happen earlier than October 2025.