The U.S. Securities and Exchange Commission (SEC) has issued a stay order delaying Grayscale Investments’ cryptocurrency exchange-traded fund (ETF) listing on the New York Stock Exchange.
Grayscale’s proposed ETF, holding Bitcoin, Ethereum, Solana, XRP, and Cardano, faces postponed market entry amid an SEC-led review of delegated approval processes. Regulatory complexity stems particularly from Solana, XRP, and Cardano – assets previously scrutinized by U.S. regulators.
While the ETF conversion obtained approval under the SEC’s 19b-4 process, Bloomberg analyst James Seyffart indicated other agency divisions may now be reassessing the fund’s structure or implementation timeline.
Concurrently, the SEC aims to accelerate future ETF approvals by potentially shortening the standard review period from 240 to 75 days, signaling efforts to streamline authorization processes despite current delays.