The Future Looks Bright for Altoinc Exchange-Traded Funds

Just today, the United States Securities and Exchange Commission acknowledged NYSE Arca's proposed rule change to start offering a Cardano ETF product

The United States Securities and Exchange Commission (SEC) has now filed a notice to begin offering a Cardano (ADA) exchange-traded fund (ETF) product, proposed by NYSE Arca.

The filing, posted on Friday, February 24, acknowledges the NYSE Arca application, submitted on February 10, to begin listing and trading Grayscale Cardano Trust under commodity-based trust shares.

Following the publication of this notice, the SEC now has 45 days (or up to 90 days if they need more time and explain why) to either:

(A) Approve or reject the proposed rule change, or

(B) Start a process to decide if the proposed rule change should be rejected.

The filing also notes that the distribution and marketing of the Cardano Trust will be undertaken by Foreside Fund Services, LLC. Its index will be provided by CoinDesk Indices, Inc. The Trust, established as a Delaware statutory trust on January 26, 2018, has no fixed termination date, allowing it to operate indefinitely.

With the request now under regulatory review, the Grayscale Cardano ETF proposal will enter a public comment period, lasting up to 30 days. The final decision will be made in up to 180 days.

At the time of the filing, ADA saw a slight surge of 2% over the last 30 minutes, according to CoinMarketCap. Overall, the altcoin is down by almost 10% over the last 24 hours—still to be seen if the news of the Grayscale Cardano ETF acknowledgment by the SEC will be enough to revert the current bearish trend the cryptocurrency is at.