Breaking: US SEC Delays Decision On Grayscale Avalanche & Cardano ETFs

US SEC has postponed decisions on Cardano and Avalanche Grayscale spot exchange-traded fund (ETF) application from 29th May to 13th July. The absolute duration and date of final ruling remains same i.e. 240 days and 22nd Oct. 2025 respectively.

Final Verdict on Cardano And Avalanche Spot ETF Moved to 13th July

According to an SEC release, the Commission confirmed its decision to push back its decision on Grayscale’s Avalanche and Cardano ETFs. Per the release, the SEC is opting to delay Grayscale’s attempt to convert its Avalanche Trust into a spot ETF review. As reported by Coingape earlier, the SEC acknowledged the Grayscale Cardano Spot ETF on 24th Feb. 2025.

On the other hand, the SEC says it requires more time to probe the viability of Grayscale’s Cardano ETF filing. Grayscale filed for an amendment of its Cardano Trust to an ETF early in the year, with the SEC acknowledging the filing, effectively launching a 240-day review period.

As the first decision deadline inched closer, Cardano ETF approval odds reached an all-time high. Decentralized prediction market platform Polymarket pegged the odds at 71% despite a wave of previous SEC delays.

However, the delay has dampened the enthusiasm of investors, with a potential ETF approval date unclear. Going forward, the securities watchdog is opening the floodgates for public comments for the ETF amendment filings.

What’s Next?

The US SEC is on a red-hot streak of spot crypto ETF delays, dampening the enthusiasm of investors. The widely anticipated CoinShares spot XRP ETF suffered the grim fate of an SEC delay as the number of applications continues to increase.

The Bitcoin and ethereum spot ETFs went through similar delays twice within the same 240 day timeframe. Considering this the investors shall be hopeful that we may get a ruling within the stipulated timeframe inspite of delays.

ADA and AVAX prices have tumbled in the aftermath of the Commission’s choice to delay its ETF decisions. Cardano price fell by nearly 4% over the last day to settle at $0.73 in underwhelming fashion. Daily transaction volume is down 14% at $588 million despite Cardano transactions reaching 50,000 in May.

On the other hand, AVAX is facing its own share of bearishness following the SEC’s delay on Avalanche and Cardano ETFs. AVAX price fell by 2.52% in the last 24 hours, with daily transaction volumes spiralling by nearly 20%.