The SEC extends the review process

The recent delay reflects the SEC's previous actions regarding similar crypto-ETF proposals. According to the SEC's official notice, officials need more time to study issues related to market stability and investor protection.

Regulators are examining whether investment instruments related to cryptocurrencies, particularly those involving Cardano (ADA) and PENGU, meet legal and financial standards. The focus is on transparency requirements, fair valuation, and preventing market manipulation.

The next deadline for the SEC's decision on the PENGU ETF is October 12, 2025. The agency will need to decide whether to approve, deny, or extend the deadline again.

For the Grayscale Cardano ETF, the deadline under rule 19b-4 is October 26, 2025. By that time, the SEC must make a decision to approve or deny. The deadline cannot be extended.

The SEC's notice explains that extending the review period is standard practice when more analysis or information is needed from applicants or the public. This process aligns with approaches to previous cryptocurrency-related applications. $BMT $TREE $HUMA