SEC Acknowledges Grayscale’s Cardano ETF Application

In a notice dated February 24, the regulator announced that it has officially recognized the proposal to list and trade shares of the Grayscale Cardano Trust under NYSE Arca Rule 8.201-E.

This recognition initiates the review process, during which the SEC will decide whether to approve or reject the ETF.

Once the proposal is published in the Federal Register, which typically occurs shortly after the SEC’s acknowledgment, a 240-day review period begins.

Earlier this month, NYSE Arca submitted the proposal through a 19b-4 form, marking the 60th crypto ETF filing of the year. This filing is a formal request for a rule change, after which an S-1 registration statement must be secured before trading can commence.