The U.S. Securities and Exchange Commission (SEC) has considered the application for the creation of a spot exchange-traded fund (ETF) based on the native token of the Cardano blockchain (ADA) from the investment company Grayscale. If approved, the product will be traded on the NYSE, like other crypto ETFs from Grayscale: based on Bitcoin (tickers GBTC and BTC) and Ethereum (ETHE and ETH).
What else is known? After Donald Trump's inauguration, the SEC underwent a leadership change, with crypto lawyer Mark Uyeda appointed as acting chairman, who will be replaced by Paul Atkins in June 2026, also a supporter of cryptocurrencies.
After that, the SEC formed a working group on cryptocurrencies that began creating new rules for the industry. Although these rules will primarily aim to protect investors, they are also intended to stimulate the development of the crypto industry.
Earlier this month, the SEC already approved applications for spot ETFs based on the native token of the Solana blockchain (SOL) from investment companies Canary, VanEck, Bitwise, and 21Shares. While these products have not yet hit the exchanges, a further decision on the companies' applications will be made in less than a month.
Also last week, the commission considered the application from Bitwise to create an exchange-traded fund based on the XRP token from Ripple, which also became an important step towards integrating regulated investment crypto products into traditional financial markets.