SEC Acknowledges Grayscale’s Proposal for Spot Cardano ETF
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged a proposal from NYSE Arca, submitted on behalf of crypto asset manager Grayscale, to list and trade a spot Cardano ETF. This move marks the first step in the approval process, setting the stage for the SEC to either approve or reject the proposal in the coming months.
The SEC’s acknowledgement, dated February 24, starts the clock for a decision on the Grayscale Cardano Trust. The proposed ETF aims to track Cardano’s price through an index that reflects its value on various cryptocurrency exchanges.
This development comes as the SEC faces a surge of crypto ETF applications under its new leadership, including proposals for Cboe’s XRP ETF and Grayscale’s spot XRP and Dogecoin ETFs. The outcome of these applications could significantly impact the future of crypto investment products in the U.S.
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