SEC Acknowledges Grayscale’s Cardano ETF Proposal, Kicking Off Approval Process

The SEC has acknowledged NYSE Arca’s proposal to list a Grayscale spot Cardano ($ADA) ETF, marking the first step in the regulatory approval process. The proposed ETF would track ADA’s price using an index sourced from major exchanges like Coinbase and Crypto dot com, with Coinbase Custody as the custodian and BNY Mellon as the transfer agent. Investors wouldn’t hold ADA directly but would own shares in the trust. Bitfinex, despite lacking U.S. licenses, was included for meeting liquidity requirements. Which altcoin is the least likely to get an ETF approved? Source: Cointelegraph