The legal team of asset management firm Grayscale called out the United States Securities and Exchange Commission (SEC) on its decision to delay the listing of the firm’s Digital Large Cap Fund (GDLC) on the New York Stock Exchange.
As Bitcoinist reported earlier, the conversion of GDLC, which contains Bitcoin, Ether, XRP, Solana, and Cardano, into an exchange-traded fund (ETF) was “stayed” indefinitely 24 hours after the SEC’s Division of Trading & Markets approved the fund’s listing.
Grayscale To Petition SEC On Multi-Asset ETF
In a July 8 letter, the Grayscale attorneys expressed their displeasure at the decision of the Office of the Secretary to delay the conversion of the GDLC to an ETF. According to the commission, the purpose of this “stay” decision is to review the delegated action of listing Grayscale’s Digital Large Cap Fund on the New York Stock Exchange.
Bloomberg Intelligence ETF analyst James Seyffart posited, at the time the news of the delay broke out, that the SEC could be holding out on all multi-coin ETF launches till it completes a comprehensive digital-asset ETP framework. “The 2nd theory is that there’s something the SEC wants to work on in relation to a specific aspect of $GDLC itself (like its structure?) The 19b-4 approval order comes from the division of Trading & Markets. Perhaps another division isn’t ready to let this convert just yet,” Seyffart added at the time.
However, the messaging of Grayscale’s letter suggested that the asset manager’s patience is running thin with the commission. The attorneys of Grayscale hinted that the parties involved in the conversion are considering submitting a petition requesting that the stay on the GDLC listing be lifted temporarily.
The letter r
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Author: Opeyemi Sule
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