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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-13638 — Goehring & Rozencwajg Investment Funds and Goehring & Rozencwajg Associates, LLC
Goehring & Rozencwajg want to offer a new kind of investment fund that mixes exchange-traded shares (like ETFs) with regular mutual fund shares all in one fund. This change could make investing more flexible and easier for their customers. If no one asks for a hearing by July 27, 2026, the SEC will likely approve this new setup soon.
2026-13648 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Except Accounts Pursuant to Section 530A of the Internal Revenue Code From the Requirements of FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)
FINRA is updating its rules to exclude certain accounts protected under a new tax law (Section 530A) from extra paperwork and approval steps. This change helps financial pros handle these special accounts more easily, starting right away with no extra costs. If you work with broker-dealers or financial institutions, this means smoother account management from now on!
Previous / Next Documents
Previous: 2025-13195 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend LTSE Rule 11.660 of the Exchange's Consolidated Audit Trail Compliance Rule Regarding the National Market System Plan Governing the Consolidated Audit Trail To Be Consistent With the Exemptive Relief Granted by the Commission From Certain Provisions Related to Timestamp Granularity
The Long-Term Stock Exchange (LTSE) is updating a rule to extend a special timing exemption for reporting stock trades from April 2025 to April 2030. This change affects traders and firms using LTSE by giving them more time to meet new detailed timestamp rules without penalties. It’s effective immediately, so everyone can keep rolling smoothly without rushing to meet the old deadline.
Next: 2025-13197 — Release No. 34-103434; File No. SR-ISE-2025-15)]
Nasdaq ISE wants to let traders buy and sell options that expire on Mondays and Wednesdays for certain stocks and ETFs, adding more flexibility to the Short Term Option Series Program. This change could mean more trading opportunities and faster moves for investors starting soon. The SEC is reviewing the update and will decide by August 19, 2025.