Main to remember
- The division of exchanges and markets, acting under the delegated authority, approved the change of rule to register GDLC, but the commission intervened and examined the approval.
- The approval is now suspended pending a final decision by the Complete Commission.
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Graycale’s efforts to convert its large capitalization digital fund (GDLC) into a SPOT ETF made progress this week after the SEC has given the approval of the registration and trade of the Fund on NYSE Arca on Tuesday.
However, investors will have to wait longer, because its beginnings have been temporarily delayed.
In a letter On July 1, the SEC informed NYSE Group that it would examine recent approval grants under the delegated authority. Below Commission rulesSuch a review automatically interrupts the effectiveness of the decision, by placing the launch of the FNB proposed pending until the end of the exam.
Bloomberg ETF analysts, Eric Balchunas and James Seyffart, suggested that the delay could be linked to the continuous efforts of the SEC to establish new registration standards for products negotiated in exchange for crypto.
“The dry does not want to let anything go into the 19b-4 process until they officially approve or offer a framework for digital assets in the ETF packaging”, Seyffart suggested.
“They want to emit the Crypto ETP rating standards before the ETF of 33 acts of 33 arrive on the market with these other parts”, Balchunas extended.
The GDLC fund, which follows a weighted basket in market service for the best digital assets, is one of Graycale’s attempts to offer diverse investment options to investors thanks to a regulated fund structure.
As of July 1, the fund had about $ 755 million in management, with a portfolio covering Bitcoin, Ethereum, XRP, Solana and Cardano.
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