SEC Delays Decision on Grayscale’s Avalanche and Cardano ETFs
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s spot ETF proposals for Avalanche and Cardano. The review period is now extended until July 15,2025.
A recent SEC press release explains this extension as part of its evaluation of the rule changes. Under the Securities Exchange Act of 1934, the SEC can extend review periods. This was previously only 45 days.
Nasdaq submitted the Avalanche ETF proposal on March 27, 2025. It plans to list shares of the Grayscale Avalanche Trust. The proposal adheres to Nasdaq’s Rule 5711(d) for Commodity-Based Trust Shares.
Separately, the Cardano ETF proposal was filed with NYSE Arca in February 2025. It aims to convert Grayscale’s Cardano Trust into a spot ETF. An updated version was published for public comment in late February.
The key date for both ETFs is now July 15, 2025. By then, the SEC must approve, reject, or begin further evaluations. Public comments are allowed during this period.
So far,no altcoin ETFs have gained SEC approval. This delay highlights the Commission’s cautious approach to crypto products outside Bitcoin and Ethereum.
Under its new leadership, the SEC has extended reviews for other crypto ETFs. These include proposals for Solana, XRP, and Ethereum staking products.
experts, like bloomberg’s James Seyffart, believe these delays are normal. He expects the SEC to take the full 240 days to assess crypto ETFs. This suggests that final decisions may come as late as October 2025.
