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Extending the review period to allow for a more complete evaluation of the suggested rule changes, the SEC has postponed its judgments on Grayscale's submitted spot ETFs for Cardano (ADA) and Avalanche (AVAX) until July 15, 2025. Nasdaq submitted the Avalanche ETF proposal; the Cardano ETF seeks to transform the current Grayscale Cardano Trust into a spot ETF with an expanded review period running to October 2025. The SEC's careful approach is consistent with how it manages crypto ETFs, especially for altcoins, as it evaluates market integrity and investor safeguards.
This delay is consistent with a larger trend of SEC postponements impacting other crypto ETFs, including those for Solana, XRP, and Ethereum staking goods. Following the announcement, ADA and AVAX prices saw slight declines, with Cardano falling almost 4% and Avalanche down about 2.5%. Though the short-term price effect is present, investor optimism is still rather high; prediction markets show a 71% probability of Cardano ETF approval by end-of-2025.
Open public comments on the suggestions will help the SEC decide by July 15, 2025 whether the filings satisfy regulatory standards, especially regarding investor protection and fraud prevention. The delay is evidence of the continuing regulatory investigation of crypto ETFs other than Bitcoin and Ethereum among rising investor interest in altcoin-based financial assets.
