The United States Securities and Exchange Commission delayed its decision on the proposed ETFs of Grayscale for Avalanche and Cardano, extending the examination period on July 15, 2025.
A press release of May 28 of the Commission said it was appropriate to appoint a longer period to examine the proposed change of rule. The SEC has designated under article 19 (b) (2) of the Exchange Act Securities of 1934, which allows extensions beyond the 45-day initial examination window.
The NASDAQ filed the Avalanche ETF proposal on March 27, 2025 and seeks to list and negotiate the actions of the Avalanche trust in gray levels under rule 5711 (D) of the NASDAQ, which governs the trust actions based on basic products.
The change of rule proposed was published in the Federal Register on February 16, 2025, triggering the calendar of legal examinations. The 45 -day initial decision -making deadline was set for May 31, 2025.
In addition, the proposal by Cardano ETF de Graycale was submitted via NYSE ARCA on February 10, 2025 and plans to convert the Cardano trust into existing gray levels into a Spot ETF.
A modified version of the file was submitted on February 20 and published later for public comments on February 28, officially initiating a 240 -day exam window which ends on October 22, 2025.
With the delay now confirmed, the next key date of the approval process of the two ETFs is on July 15, 2025, when the Commission must either approve, reject or initiate procedures to assess the proposals further.
Public comments remain open during this period, the dry by actively requesting comments on applications.
No ETF Altcoin has obtained approval so far, which reaffirms the measured approach to dry towards cryptographic products beyond Bitcoin and Ethereum.
As part of its new management, the Commission has extended revision periods for several other ETFs based on cryptocurrencies, including those of Solana, XRP and Ethereum pace products.
Earlier this month, the SEC has postponed decisions to four Deposits of Solana ETF from Bitwise, 21Shares, Vaneck and Canary, declaring that he “would institute a procedure” to assess whether these proposals met the regulatory standards.
Analysts suggest that these delays are part of the standard dry examination process for innovative financial products, such as cryptographic ETFs.
Bloomberg ETF James Seyffart expert explained that the regulator often takes the 240 full days to assess these deposits, indicating that final decisions on many of these ETF may not occur before October 2025.
