Ah, the United States Securities and Exchange Commission, that grand arbiter of financial fate, has once again decided to extend its deliberations on Grayscale’s proposed spot ETFs for Avalanche and Cardano. The new deadline, set for the distant shores of July 15, 2025, looms like a specter over the hopeful investors, who must now endure this torturous wait.
In a press release dated May 28, the Commission, in its infinite wisdom, deemed it fitting to prolong the review period. This decision, made under the auspices of Section 19(b)(2) of the Securities Exchange Act of 1934, allows for such delightful extensions beyond the initial 45-day review window. How generous! 🎩
Let us not forget that Nasdaq, in its own quest for glory, filed the Avalanche ETF proposal on March 27, 2025, seeking to list and trade shares of the Grayscale Avalanche Trust under the ever-so-complex Nasdaq Rule 5711(d). One can only marvel at the bureaucratic ballet that ensues in the world of finance.
The proposed rule change, published in the Federal Register on February 16, 2025, set off a chain reaction, triggering the statutory review timeline. The original deadline, a mere 45 days away, was set for May 31, 2025. But alas, time is a fickle mistress, and the SEC has chosen to dance with her a little longer.
In a separate yet equally riveting tale, Grayscale’s Cardano ETF proposal was submitted through NYSE Arca on February 10, 2025, with grand plans to transform the existing Grayscale Cardano Trust into a spot ETF. An amended version of this filing was submitted on February 20 and later published for public comment on February 28, thus initiating a 240-day review window that will conclude on October 22, 2025. What a thrilling saga! 📅
With the delay now confirmed, the next pivotal moment in this grand approval process for both ETFs is set for July 15, 2025. On that day, the Commission must either approve, reject, or, in a twist worthy of a Dostoevskian plot, initiate further proceedings to evaluate the proposals. The suspense is palpable!
Public comments remain open during this interminable wait, with the SEC actively soliciting feedback on the applications. How delightful it must be for the public to weigh in on such matters, as if their voices could sway the mighty Commission!
As it stands, no altcoin ETF has secured approval thus far, reaffirming the SEC’s cautious approach toward crypto products beyond the illustrious Bitcoin and Ethereum. Under its new leadership, the Commission has extended review periods for several other cryptocurrency-based ETFs, including those for Solana, XRP, and Ethereum staking products. A veritable cornucopia of delays!
Earlier this month, the SEC postponed decisions on four Solana ETF filings from Bitwise, 21Shares, VanEck, and Canary, stating it would “institute proceedings” to assess whether those proposals met regulatory standards. One can only imagine the bureaucratic labyrinth they must navigate.
Analysts, those ever-optimistic seers of the financial world, suggest that these delays are merely part of the SEC’s standard review process for innovative financial products, such as crypto ETFs. Bloomberg ETF expert James Seyffart has previously elucidated that the regulator often takes the full 240 days to evaluate such filings, indicating that final decisions on many of these ETFs may not occur before October 2025. What a delightful game of patience we are all playing! 🎭
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2025-05-29 10:07