The legal team of the company dealing with the management of Grayscale’s assets caused the Commission of Securities and the United States (SEC) on the decision to delay the list of the Digital Fund for the Huge Capitalization Fund (GDLC) on the Fresh York Stock Exchange.

As Bitcoinist reported earlier, the conversion of GDLC, which contains Bitcoin, Ether, XRP, Solana and Cardano, in the Appeal Fund (ETF), was “remained” for an indefinite period 24 hours after the SEC trade department in the field of trade and markets approved the fund’s list.

Gray scale for SEC petition on ETF with many asset

IN July 8Gray lawyers expressed dissatisfaction due to the decision of the secretary’s office to delay the conversion of GDLC to ETF. According to the Commission, the purpose of this decision “stay” is to review the delegated operation of the digital fund for the huge capitalization of Grayscale’s airfarming on the Fresh York Stock Exchange.

ETF Analyst Bloomberg Intelligence James Seyffart stated that at the time of the explosion of the delay, that SEC can withstand all the start of ETF with many Koins until he completed a comprehensive ETP framework in the digital range. “The second theory is that there is something that SEC wants to work on in connection with the specific aspect of $ GDLC itself (like its structure?) The Order of approval 19b-4 comes from the division of trade and markets. Perhaps another division is not yet ready to convert it,” Seyffart added.

However, sending messages from the Grayscale letter suggested that the patience of the asset manager is slim with the commission. Grayscale lawyers suggested that the parties involved in the conversion are considering submitting a petition for staying on the GDLC list.

Read letter:

The consequences of not meeting the statutory approval date or disapproval, regardless of the reason, are clear: in accordance with section 19 (b) (2) (d) The proposal of the principle is considered approved. Graryskale, the stock exchange and current investors of the fund suffer to damage as a result of a delay in public launch of the fund, and at all gray and stock exchange consider whether to submit a petition with a request to raise a commission to imposed by the principle 431 (E), while the Commission reviews the actions of delegated rights so that the fund can quickly start the case.

Grayscale finished the letter, recognizing the progress made by the Commission in terms of regulatory brightness in the digital assets industry. “Grayskale appreciates the efforts of the commission to ensure regulatory transparency and intends to continue to cooperate with the Commission towards the common purpose of regulatory transparency and serve as a resource for committees on cryptographic issues,” the manager of funds added.

GDLC ETF Run only the matter of time: Expert

Scott Johnsson, an expert in the field of finance, shared his opinion on the development of Grayscale and the USA Seck on the conversion of the Digital Fund for the Huge Capitalization. Despite the somewhat technical complexity, the financial expert expects GDLC to launch in a timely manner as a stock exchange fund.

Johnsson said on X:

Considering that Grayscale suggested that before approval they had productive talks with SEC, and made extensive corrections to the rule of the rule in accordance with these discussions, I guess that the application rule 431 was a gift of parting from Crenshaw operating unilaterally. Sec was to deal with the mess. It will start, it’s just a matter when IMO.

While the funds dealing with the Bitcoin and Ethereum Spot exchange began to trade in 2024, the US SEC is still sitting in the ETF application group for other cryptographic assets, including Solana, XRP, Doge-to exchange only a few.

The total cryptocurrency market capitalization on the daily timeframe | Source: TOTAL chart on TradingView

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