The US Securities and Exchange Commission admitted to listing and trading Cardano Exchange-Traded Fund (ETF) by acknowledging the proposal of NYSE Arca on behalf of Crypto Asset Manager Grayscale.
It’s just the first step towards approval, but the recognition of the Grayscale Cardano Trust on February 24 means that the “clock” will soon begin to approve or reject the proposed ETF.
CRYPTO ETF approval of a new SEC leadership, including CBOE’s XRP ETF, Grayscale’s SPOT XRP and Dogecoin ETF and NASDAQ for options associated with options associated with iShaes Bitcoin Trust (IBIT) of Blackrock It is caused by floods.
source: Nate Gerachi
NYSE Arca, a subsidiary of NYSE Group, submitted a proposal to a list of Grayscale Cardano Trust for the Stock Exchange on February 10 and a proposal to the SEC.
The proposed ETF will track Cardano’s prices by investigating daily prices at encryption exchanges such as Coinbase, Crypto.com, Bitfinex and Krake.
The exchange has been selected as part of the index in accordance with the “Materials of Applicable US Federal and License requirements.”
Investors in ETFs will not hold Cardano (ADA) directly, but instead have stocks in the trust.
relevant: SEC approval for 3 spot XRP ETF applications
“Investment in stocks is not a direct investment in ADA. The stock is designed to provide investors with a cost -effective and convenient way to get investment exposure to ADA.
Coinbase Cultody Trust Company is listed as a proposed manager of the Exchange-Traded Fund, while BNY MELLON ASSET Servicing is a former agent and administrator.
The proposed ETF will track the price of Cardano through an index that investigates daily prices on the encryption exchange. source: US Securities and Exchange Commission
Bitfinex was included in the United States because he did not have license or registration, but met “minimum liquidity requirements.”
Numerous ETF applications with other ETF applications submitted
The encryption theme ETF application has flooded the space after the inauguration of the Crypto -friendly US President Donald Trump.
On February 24, the US Stock Exchange NASDAQ found the authority to list the ETF with HBAR, the default token of HEDERA Network.
Meanwhile, on February 19 and 20, I saw that SEC recognized six exchanges related to cryptocurrency ETFs in two days, including staying, options, spot repayment and new types of Altcoin funds.
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