SEC's Halt of ETF Holding XRP and Solana Has Investors 'Suffering Harm', Grayscale Says
2025-07-11 18:12:58
Main Idea
The SEC has paused Grayscale's Digital Large Cap Fund, which includes Bitcoin, Ethereum, Solana, XRP, and Cardano, for further review, while Grayscale argues the delay harms investors. Meanwhile, XRP's price surge and open interest near a 6-month high, and other crypto-related developments include SharpLink's ETH purchase and Agora's stablecoin funding.
Key Points
1. The SEC placed a stay on Grayscale's Digital Large Cap Fund, composed of 80% Bitcoin, 11% Ethereum, and smaller portions of Solana, XRP, and Cardano, for further review.
2. Grayscale challenged the SEC's decision, claiming the delay harms investors and the fund's launch on NYSE Arca under ticker GDLC.
3. XRP's price surged over 12% in 24 hours, reaching $2.79, with open interest nearing a 6-month high of $7.2 billion.
4. SharpLink Gaming shares rose 71% after purchasing $30 million in ETH from the Ethereum Foundation, coinciding with Ethereum's price climb above $3,000.
5. Stablecoin platform Agora raised $50 million in a Series A round led by Paradigm to expand its system for issuing stablecoins.
Description
Grayscale said in a letter on Tuesday that it may take legal action if the SEC continues to hold up the debut of its multi-token fund on NYSE Arca.
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