SEC Halts Grayscale Large Cap Fund Approval for 'Review'

The U.S. Securities and Exchange Commission's leaders are reviewing the agency's recent support of a Grayscale effort to person a money into an exchange-traded money (ETF), a missive dated July 1 said.

The SEC allowed Grayscale to uplist the Digital Large Cap Fund (GDLC), which holds $755 cardinal successful bitcoin BTC, Ethereum ETH, XRP XRP, Solana SOL and Cardano ADA, into an ETF done delegated authorization — meaning the SEC's commissioners did not ballot to o.k. the conversion, but alternatively bureau unit gave the sign-off.

"This missive is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission volition reappraisal the delegated action," the letter said. "In accordance with Rule 431(e), the July 1, 2025 bid is stayed until the Commission orders otherwise."

Any commissioner tin inquire that an SEC enactment beryllium reviewed. In the past, commissioners person asked to reappraisal ETF disapprovals, for example.

GDLC is benchmarked to CoinDesk's CoinDesk 5 Index.