The US Securities and Exchange Commission (SEC) has acknowledged a proposal from NYSE Arca, on behalf of crypto asset manager Grayscale, to list and trade a spot Cardano ETF.
While this is the first step toward potential approval, the SEC's Feb. 24 acknowledgement of the Grayscale Cardano Trust signals that the deadline for the agency to approve or reject the proposed ETF will soon begin.
This acknowledgement comes amid a flurry of crypto ETF proposals under the SEC's new leadership, including Cboe's XRP ETF and Grayscale's spot XRP and Dogecoin ETFs.
The proposed ETF is designed to track the price of Cardano through an index that monitors its value on cryptocurrency exchanges on a daily basis.