Grayscale Challenges SEC’s Delay of GDLC ETF Launch, Calls Stay Order Unlawful
2025-07-11 15:21:49
Main Idea
Grayscale Investments is challenging the SEC's unexpected delay of its GDLC ETF launch, calling the stay order unlawful and harmful to investors.
Key Points
1. The SEC approved the conversion of GDLC into an ETF but later issued a stay order without public explanation.
2. Grayscale filed a letter with the SEC, arguing the stay order is unlawful and harms investors.
3. The GDLC ETF would hold a basket of large-cap digital assets, with 80% weighted in bitcoin.
4. The SEC's move is seen as unusual but may not ultimately prevent the ETF's launch.
5. If approved, GDLC would be the first multi-asset crypto ETF in the U.S.
Description
Grayscale has pushed back against the U.S. Securities and Exchange Commission’s (SEC) decision to halt the launch of its large-cap crypto ETF, calling the agency’s stay order both unlawful and harmful to investors. The asset manager filed a letter with the SEC on Friday in response to the unexpected pause on its plan to convert the Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). The SEC had already approved the conversion earlier this year but then issued a stay order...
Latest News
- Ethereum ETFs See Inflow Surge as BlackRock’s ETHA Draws in Record $300M in a Day2025-07-11 20:36:09
- State of Crypto: Previewing Congress' 'Crypto Week'2025-07-11 20:07:45
- Tether/Circle Stablecoin Supply Growth Signals Strong Liquidity Backing Crypto Rally2025-07-11 15:50:07
- Defi Tokens Are Soaring, Leaving Behind OG Coins Like LTC, BCH and XMR2025-07-11 15:22:05
- Grayscale Challenges SEC’s Delay of GDLC ETF Launch, Calls Stay Order Unlawful2025-07-11 15:21:49