Can Nasdaq Trade Grayscale's Avalanche Crypto Trust?
Published Date: 7/15/2025
Notice
Summary
The SEC is deciding whether to approve Nasdaq’s plan to list and trade shares of the Grayscale Avalanche Trust (AVAX), a new crypto-based investment product. This affects investors interested in trading AVAX on Nasdaq and could open up fresh opportunities in crypto investing. The SEC’s decision deadline is July 15, 2025, and the outcome could impact market access and trading options.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Possible Nasdaq Listing of AVAX Shares
The SEC is considering whether to allow Nasdaq to list and trade shares of the Grayscale Avalanche Trust (AVAX), which would let investors trade AVAX-based shares on Nasdaq. The Exchange filed the proposal on March 27, 2025 and the Commission designated July 15, 2025 as the date to approve or disapprove the listing.
SEC Scrutiny on Fraud and Manipulation Risks
The Commission instituted proceedings to analyze whether listing AVAX shares satisfies Section 6(b)(5) of the Securities Exchange Act, which requires exchange rules to prevent fraudulent or manipulative acts and to protect investors and the public interest. The SEC is specifically seeking comment on whether the proposal prevents fraud or raises new or novel concerns.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
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