SEC Hits Pause on Grayscale’s XRP, Solana and Cardano ETF Conversion

Put these champagne bottles – sec no found trading for a gray etf focused not only on Bitcoin and Ethereumbut also altcoini, including Xrp,, Saltworksand Cardano… at least, no Enough more.

Tuesday’s Wall Street Regulator issued order Finding out that he had a good reason for approval of ETF -Li Turn for Gray product, called Greyscale Digital Fund Large Cap (GDLC), accelerated.

Quietly attached to the order, however, was letter From the SEC leadership, which remains or paused by an indefinite order, “until the Commission orders otherwise.” Bloomberg analyst ETF James Seyffart was the first to highlight a fine press on Wednesday afternoon.

So – GDLC is approved, but not really, or at least not yet? What does it give?

Several theories float around Wall Street. Sam Seyffart said that, potentially, the SEC did not want to deny the GDLC ETF application of Grayscale before today’s deadline, but also currently develops an internal framework for issuing ETF for digital assets and does not want to approve the Grayscale Fund until the frame is ready for showtime.

Eric Balchunas, another top -notch analyst ETF Bloomberg, agreed with this reading of events.

While sec was approved Bitcoin and Ethereum The Spot ETF, one has yet to approve other Altcoin Spot ETF, including those of the Solan, XRP and Cardano stores. Analysts estimate that the agency Almost safe Still, to approve such crypto produce by the end of the year.

When he reaches DecipherThe SEC spokesman refused to comment on the approval or why he was ordered, stating that the Agency does not comment on any individual funds in accordance with its action.

Grayscale did not immediately respond DecipherRequest for comment on development.

Another theory why SEC approved the product in a document of a agency and then pressed a break on the approval in another, focuses on an internal policy on the regulator. The Greenlighting GDLC approval order, which was omnisciently in its find that the fund should be quickly accompanied by direct stores, came from the SEC trading department and market.

It is possible, Seyffart claimed on Wednesday that another agency division has withdrawn for approval and wants to adjust the product elements before he can trade.

GDLC Fund Greyscale is currently traded as a closed fund. It consists of nearly 80% of the exposure to bitcoin, approximately 12% of exposure to Ethereum and less than 5%, 3% and 1% of the exposure of XRP, Solana and Cardano.

SEC currently weighs whether this fund will turn into an ETF.

“[GDLC] It can’t be converted yet, but it will, “Seyffart said on Wednesday.” We simply do not know when we do not know exactly why the sec has issued this order to “stay”.

Edited Andrew Hayward