The United States Securities and Exchange Commission (SEC) has postponed decisions on the Grayscale Spot Cardano ETF and Canary Spot Pudgy Penguins ETF applications, now slated for October 2025. This delay is driven by ongoing regulatory concerns related to market structure and custody. The impact is visible in the cryptocurrency market, with volatility affecting both ADA and PENGU tokens. This decision creates uncertainty for investors, particularly those seeking broader market access through alternative investment vehicles. Grayscale Investments, known for advocating for expanded ETF approvals, finds itself navigating this delay along with Canary Capital, a firm aiming to introduce altcoin-based ETFs in the US. The SEC’s postponement follows previous challenges in obtaining regulatory approval for such products. The decision underscores the need for robust oversight as financial market dynamics and regulatory adjustments continue to unfold. Experts anticipate a gradual transition towards ETF approval, reflecting increased focus on surveillance-sharing agreements and investor protection.