The U.S. Securities and Exchange Commission has stayed a July 1 decision made by a delegated authority
The U.S. Securities and Exchange Commission has stayed a July 1 decision made by a delegated authority, the SEC’s Division of Trading and Markets, that would have allowed Grayscale Investments to convert its Digital Large Cap Fund into an exchange-traded fund and list it on NYSE Arca. In a notice issued 2 July, the agency said the approval is stayed “until the Commission orders otherwise,” placing the conversion under full commission review.
Grayscale’s closed-end fund holds roughly 80% Bitcoin, 12% Ether and a combined stake of less than 10% in XRP, Solana and Cardano. If launched, it would be the first U.S. spot crypto ETF with significant exposure beyond the two largest digital assets.
Analysts say the pause likely reflects the regulator’s efforts to establish broader listing standards for digital-asset ETFs before permitting products that include altcoins. The SEC gave no timetable for completing its review, and Grayscale has not commented on the setback.
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