Grayscale Calls SEC Trading Pause on ETF Holding Solana, XRP ‘Unexpected’

Crypto Asset Manager Greyscale has called the decision of the US Securities Commission to stop the publication of its digital fund for large caps “Unexpected” UE -Obstem Decipher Thursday.

The company announced that the decision of the regulator – which surprised the observers in the industry – was proof of a variable regulatory landscape.

“Although this development was unexpected, it reflects the dynamic and evolutionary nature of the regulatory landscape that surrounds the first such product of digital assets like GDLC,” Grayscale said.

SEC quickly followed the conversion of GDLC Fund Greyscale, which focuses on Bitcoin but would give investors exposure Ethereum,, Saltworks,, Xrpand Cardanoin a fund that is traded on the stock market. But the regulator also attached the note, saying that he would still not allow the product to start trading.

Greyscale added: “Grayscale remains dedicated to following GDLC as products that trade it on the stock market and cooperate closely with key stakeholders to meet all the necessary requirements. We will provide further updates for additional information available.”

Greyscale’s large caps is modeled on the Coindesk 5 index, which measures the performance of the five largest and most liquid digital agents. Bitcoin composes more than 80% of the fund share. About 11% of the ETF assets is located in Ethereum, with 2.8% in Solana, 4.8% in XRP -UI 0.8% in Cardanou, the SEC submission states.

Although sec rejected multiple times Spot Bitcoin ETF application for more than a decade, the regulator has acted relatively quickly in expanding an investor access through GDLC. He approved the application of Grayscale the day before faced a deadline for his decision, while in the past he rejected Greyscale’s applications at the last minute.

GDLC wants to trade as a full -fledged etf on Nyse arca. Among the funds of Grayscale, the property manager has previously converted his Bitcoin and Ethereum Trusts. As closed funds, produce Discount trading or premium in relation to the value of their fundamental proportions, due to the imbalance of the offer and demand arising from the structures of the funds.

On Tuesday, SEC signaled that receptive agents that dedicate most of their funds to established cryptocurrency currencies such as Ethereum and Bitcoin, with others in mix, but still not Greenlight ETF applications that focus solely on less altcoins.

Greyscale sued Secc for repeating renunciation to turn his gray fund into a full ETF 2023. Victory in the courtroomIn which appeal court took a problem with the logic of the rejection regulator, contributed to the SEC Approval of the Spot Bitcoin ETF last year.

These BTC funds debuted for dramatic success, generating almost $ 50 billion in investment. Spot Ethereum funds overwhelmed property of about $ 4 billion.

Edited by James Rubin