- SEC acknowledges NYSE Arca’s proposed rule change to offer Cardano ETF product
- ADA saw a 2% surge post-filing while being down almost 10% over 24 hours
- Grayscale Cardano ETF proposal enters public comment period, final decision in up to 180 days
The future seems bright for Altoinc exchange-traded funds. Just today, the United States Securities and Exchange Commission acknowledged NYSE Arca’s proposed rule change to start offering a Cardano ETF product
The filing was posted today, February 24, and acknowledged the February 10 request by NYSE Arca to list and trade Grayscale Cardano Trust under commodity-based trust shares.
After this notice was published, the SEC now has 45 days (or up to 90 days if they need more time and explain why) to either: (A) Approve or reject the proposed rule change, or (B) Start a process to decide if the proposed rule change should be rejected.
Moreover, the filing also states that the distribution and marketing of the Cardano Trust will be managed by Foreside Fund Services, LLC. Its index will be provided by CoinDesk Indices, Inc. The Trust, established as a Delaware statutory trust on January 26, 2018, has no fixed termination date, allowing it to operate indefinitely.
As the request is now under regulatory review, the Grayscale Cardano ETF proposal will now enter a public comment period, lasting up to 30 days. The final decision will be made in up to 180 days.
Since the filing was made public, ADA saw a slight surge of 2% over the last 30 minutes, according to CoinMarketCap. Overall, the altcoin is down by almost 10% over the last 24 hours—still to be seen if the news of the Grayscale Cardano ETF acknowledgment by the SEC will be enough to revert the current bearish trend the cryptocurrency is at.
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