SEC’s Never-Ending Drama: Will They or Won’t They? 🤔

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Ah, the grand spectacle of the U.S. Securities and Exchange Commission! Like a tortoise in a race, they have once again decided to take their sweet time, delaying their verdict on the much-anticipated crypto ETFs from Grayscale. Yes, folks, the Avalanche ETF and the Cardano ETF are still waiting in the wings, twiddling their thumbs! 🐢

In a plot twist that would make even the most seasoned soap opera writer proud, the SEC has chosen to follow a familiar script: more time for evaluation! Grayscale, in its infinite wisdom, thought it could transform its Avalanche Trust into a Spot ETF. But alas, the review is still in limbo, and the final judgment remains as elusive as a cat in a dog park. 🐱🐶

Now, let’s not forget NYSE Arca, the diligent little worker bee that filed the application on February 10, seeking to list shares of the Grayscale Cardano Trust (ADA) under the exchange’s Rule 8.201-E. Sounds fancy, doesn’t it? But wait, there’s more! On February 20, they submitted Amendment No. 2, completely replacing the earlier version. Talk about a makeover! 💅

According to the SEC’s own rules, they must respond to such proposals within 45 days of publication. But, in a shocking twist, they decided to extend the review period to a whopping 90 days! The original deadline of April 14 came and went, and now we’re looking at May 29, 2025. Will they ever make up their minds? It’s like waiting for a bus that never arrives! 🚌

Of course, the SEC is just doing its job, ensuring that each ETF proposal meets the lofty standards of Section 6(b)(5) of the Exchange Act. They’re checking if the application protects investors and prevents fraud. Because, you know, we wouldn’t want anyone getting swindled in this wild west of crypto! 🤠

Meanwhile, the tokens themselves seem to be taking the news in stride. Cardano (ADA) has only dipped by a mere 4% in the last 24 hours, trading at $0.2195, while AVAX is feeling a bit more sprightly, up 2.30% at $23. It’s a rollercoaster ride, folks! 🎢

And let’s not forget the prediction market Polymarket, where users are betting over $367,000 on whether the Cardano ETF will be approved this year. A staggering 71% of bets lean toward “yes” by December 31, 2025. It’s like a game of poker, but with a lot more at stake! 🃏

Oh, and just last week, the SEC decided to delay its decision on the XRP and DOGE ETFs until June 17. Because why not keep everyone on the edge of their seats? 🎭

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2025-05-28 23:18