SEC Pushes Back Decision on Grayscale’s Cardano ETF to October

• SEC delays Grayscale Cardano ETF ruling to October 26, citing investor protection concerns.
• Canary PENGU and WisdomTree XRP ETF reviews extended, with October 12 set as deadline.
• Multiple crypto ETF delays show SEC’s cautious stance on market structure and regulation.

The United States Securities and Exchange Commission (SEC) has delayed its decision on the Grayscale Cardano ETF, moving the deadline from August 27 to October 26, 2025. The extension comes as the regulator continues to evaluate investor protections and market structure issues tied to crypto-linked exchange-traded funds. The proposed Cardano ETF, if approved, would provide regulated access to Cardano’s native token (ADA) through traditional brokerage accounts, eliminating the need for direct token storage.

SEC Extends Review Period for Cardano ETF

According to Blockchain Magazine’s previous post, NYSE Arca originally submitted the Cardano ETF proposal in February. The filing requested approval to list and trade shares of the Grayscale Cardano ETF under the commodity-based trust framework. NYSE Arca later issued amendments, and the SEC opened the application for public comments earlier this year.

By extending its review, the SEC signaled that additional time is required before reaching a final decision. Under the new timeline, the agency must either approve or reject the Grayscale Cardano ETF by October 26. Grayscale has maintained that listing its crypto trusts on public exchanges would allow for greater transparency, more accurate pricing, and wider investor accessibility.

Impact on Market Accessibility

The Grayscale Cardano ETF would mirror similar products already filed for Bitcoin and Ethereum, which underwent lengthy reviews before final rulings. Approval of the Cardano ETF would represent a large move for ADA, providing investors with exposure to the asset through a regulated investment vehicle.

A denial, however, would disrupt efforts to expand institutional and retail access to Cardano. The SEC has consistently taken a cautious approach with crypto-related ETFs, often pushing back deadlines to study proposals more closely.

Canary PENGU and XRP ETF Reviews Also Delayed

Alongside the Cardano delay, the SEC also extended the review period for two other applications: the Canary PENGU ETF and WisdomTree’s XRP ETF. The new decision deadline for these products is October 12, 2025.

The Canary PENGU proposal, filed by Cboe BZX Exchange in June, included two subsequent amendments in July to refine its structure. The SEC stated it requires additional time to evaluate the details before making a determination. Similarly, the WisdomTree XRP ETF remains under review, with the October 12 deadline set as the point for either approval, denial, or the initiation of formal disapproval proceedings.

Pattern of Regulatory Caution

The SEC has followed a familiar pattern with digital asset ETFs by granting multiple extensions before issuing final rulings. Officials indicated that the agency must consider both investor protections and broader market effects before authorizing new crypto investment vehicles.

With October deadlines now in place, the outcome of the Grayscale Cardano ETF review, alongside the Canary PENGU and XRP proposals, will mark another key regulatory test for digital assets in the United States.