SEC Stay Order Delays Grayscale Bitcoin ETF Listing Amid Ongoing Regulatory Review
2025-07-03 19:34:45
Main Idea
The SEC has issued a stay order delaying Grayscale's cryptocurrency ETF listing on the New York Stock Exchange, reflecting ongoing regulatory scrutiny and internal reviews.
Key Points
1. Grayscale's cryptocurrency ETF, which includes Bitcoin, Ethereum, Solana, XRP, and Cardano, has been delayed by an SEC stay order.
2. The SEC is conducting a comprehensive review of the delegated approval process, postponing Grayscale's market entry.
3. The inclusion of Solana, XRP, and Cardano introduces regulatory complexity due to their past scrutiny.
4. Bloomberg analyst James Seyffart noted that while the ETF conversion was approved under the SEC’s 19b-4 process, other divisions may be reassessing the fund’s structure or timing.
5. The SEC is working on expediting ETF approvals, potentially reducing the review period from 240 days to 75 days.
Description
The U.S. Securities and Exchange Commission (SEC) has issued a stay order halting Grayscale’s conversion of its Digital Large Cap Fund into a spot crypto ETF, delaying its anticipated NYSE
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