Yesterday, NYSE ARCA An exchange, which is part of the New York Stock Exchange Group (NYSE), has submitted a request to list the background (ETF) on Cardano (ADA) bottom list on behalf of Grayscale.
Typically, security bags introduce the 19B-4 form on behalf of the broadcaster. A procedure that is part of the process of proposing cryptocurrency ETFs to cash (spots) before the Bags and Securities Commission (SEC).
In the document, NYSE Arca extends the application of Rule 8.201-E to enable prices and negotiations for new types of ADA-based financial products.
“The Stock Exchange shows that the proposed changes to the regulations will encourage citations and negotiations of additional types of negotiation products, and describe the first products of that kind based on the ADA, which improves competition between market participants for the benefit of investors and the market.
Financial products, if approved, He is known as the “Greyscale Cardano Trust” and will have Coinbase as a custodian.. It will be managed by BNY Mellon Asset Servicing, an entity with experience in managing traditional financial products and digital assets.
If the SEC recognizes it, the presentation will be posted on the Federal Register. Starting the Agent Approval Process. Due to the fact that this publication was created, the SEC has a 240-day period to review its application.
After the news is revealed, Cardano’s price went from $0.6987 to $0.82, representing an increase of over 15%.
When this memo was published, The price of the ninth most valuable asset is $0.79below the maximum value (ATH) of less than 74%.
Possibility of approval ADA-based ETFs can attract greater liquidity and increase exposure among traditional investorstherefore, promotes an upward price.
so far, The US only have Bitcoin (BTC) and ethher (ETH) cash and futuresEthereum’s native cryptocurrency.
As Cryptootics reports, Donald Trump arrives at the presidency, and changes in the SEC create a positive scenario for the cryptocurrency industry.
From the departure of Gary Gensler, head of the regulatory body, Over 30 applications submitted to list ETFs based on digital assetsthis reflects the expectations of the sector before this new scenario opened for cryptocurrency.
