SEC HALTS GRAYSCALE LARGE CAP Fund Conversion for ‘Review’ A Day After Staff Approval

SEC HALTS GRAYSCALE LARGE CAP Fund Conversion for ‘Review’ A Day After Staff ApprovalThe Sec’s Commissiors Are Review Grayscale’s Uplving of a Large Cap Fund, A Letter from the Agency Said.Updated Jul 2, 2025, 8:20 pm Published Jul 2, 2025, 7:50 PM

The US Securities and Exchange Commission’s Leaders Are Review the Agency’s Recent of Approval of a Grayscale Effort to Convert A Fund Into An Exchange-Traded Fund (ETF)

The Sec Allowed Grayscale to Uplist The Digital Large Cap Fund (GDLC), Which Holds $ 755 Million in Bitcoin

Ethereum

Xrp

Solana

and Cardano

Into an etf Through Delegated Authority-Meaning the Sec’s Commissiors Did Not Pote to Approve the Conversion, But Rather Agency Staff Gave the Sign-Off.

“This letter is to notify you that, Pursuant to rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, The Commission Will The Delegated Action,” The Letter, the Aec. “In Accordance with Rule 431 (E), The July 1, 2025 Order is Stayed Until The Commission Orders OtherWise.”

The Sec Said It Wound Let the Nyse Know “Of Any Pertinent Action Taken by the Commission.”

Any Commissioner Can Ask That An Sec Action Be Reviewed. In the past, commsiors have asapprovals, for example. The Letter Did Not Indicate WHICH Commissioner or Commissiors Asked for the Review.

GDLC is BenchMarked to Coindesk’s Coindesk 5 Index.

SpokesPeople for Grayscale and the Nyse Did Not Immedialate Return a Request for Comment.

An Sec SpokesPerson Declined to Comment on the Letter.

Update (July 2, 2025, 20:05 UTC): Adds Additional Detail, SEC Declining to Comment.