Cardano News Today: "Institutional Crypto Push Meets SEC Gridlock as T. Rowe Joins ETF Rush"

T. Rowe Price, a $1.8 trillion asset manager with an 87-year history of mutual fund dominance, has filed with the U.S. Securities and Exchange Commission (SEC) to launch the T. Rowe Price Active Crypto ETF, an actively managed fund spanning 5–15 cryptocurrencies including Cardano (ADA), XRP, and Solana (SOL), according to a Zycrypto report. The move signals growing institutional confidence in crypto markets but faces an uncertain regulatory landscape as the SEC remains stalled by the 22-day-old federal government shutdown, The Crypto Basic noted.

The proposed ETF, which aims to outperform the FTSE Crypto U.S. Listed Index through active management strategies, includes major digital assets such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), with Cardano and XRP among the altcoins highlighted in its eligibility criteria, Yahoo Finance reported. Unlike passive, single-coin ETFs, the fund would dynamically allocate weights based on fundamental analysis, valuation metrics, and momentum factors, offering investors diversified exposure to a volatile sector, Coinotag reported. Bloomberg senior ETF analyst Eric Balchunas called the filing a "SEMI-SHOCK," noting T. Rowe's traditional focus on mutual funds and its late entry into a crypto ETF race already dominated by BlackRock and Fidelity, as covered by Bitget.

The ETF application joins over 155 pending crypto-related ETF filings at the SEC, including proposals for XRP and Cardano spot products from firms like Grayscale and 21 Shares, according to TradingView. With the regulator incapacitated by the shutdown, approvals remain on hold, though market participants speculate that a post-shutdown resumption could trigger a rapid approval wave. Nate Geraci, president of NovaDius Wealth Management, emphasized the strategic urgency for traditional firms: "Can't overstate significance of T. Rowe Price filing for an actively managed crypto ETF out of left field...Thinking crypto will go away is not a viable business strategy," a point also highlighted by Bitget.

Cardano's inclusion in the ETF underscores its rising institutional profile. The blockchain platform, led by Charles Hoskinson, has seen increased adoption in institutional investment products, with Grayscale recently launching a multi-asset ETF (GDLC) featuring ADA alongside BTC, ETH, and SOL, Coinpedia reported. However, broader market dynamics remain mixed. While T. Rowe's entry reflects optimism, the U.S. Ethereum spot ETF posted a $18.9 million net outflow on October 23, with Grayscale and Fidelity seeing significant redemptions, indicating shifting investor risk appetites, Coinotag later reported.

The SEC's prolonged inaction has fueled frustration across the industry. Polymarket traders now assign a 63% probability that Congress will end the shutdown by November 15, after which regulators could prioritize backlogged ETF applications. Yet, until clarity emerges, the crypto market remains in limbo, balancing bullish institutional momentum against regulatory uncertainty.