XRP, Solana, Cardano On Ice—SEC Freezes Grayscale GDLC ETF Debut

Key Points

1. The SEC issued a stay on Grayscale’s GDLC ETF conversion, preventing its listing on NYSE Arca until further review.

2. GDLC holds $755 million, with roughly 8% allocated to XRP, Solana, and Cardano—tokens the SEC has not classified as commodities.

3. Analysts speculate the SEC may be delaying multi-coin ETFs until a comprehensive digital-asset ETP framework is finalized.

4. The SEC’s Division of Trading & Markets approved GDLC’s conversion, but another division may have raised concerns about its structure or disclosures.

5. The stay is procedural under Rule 431, allowing the Commission to review the decision, but does not guarantee the ETF will ultimately be rejected.