On February 10, 2025, NYSE Arca, Inc. submitted a proposed rule change to the Securities and Exchange Commission (SEC) to list and trade shares of the Grayscale Cardano Trust under NYSE Arca's Commodity-Based Trust Shares rule. This proposal was modified by Amendment No. 2 and published for public comment on February 28, 2025. The SEC has decided to extend the usual 45-day period for decision-making to give themselves more time to consider the proposal and any related issues. They now have until May 29, 2025, to either approve, disapprove, or begin proceedings to decide whether to disapprove the proposal.
Simple Explanation
In a nutshell, the people who make important rules about buying and selling bits of a pretend money called Cardano are taking extra time to decide whether or not they should allow a big company to sell this pretend money in a new, exciting way. They've decided to think about it a little longer until the end of May.