Graycale postponed the Securities and Exchange American Commission (SECOND) Decision to stop the launch of its FNB Crypto in large capitalization, qualifying the order of stay of the agency both illegal and harmful for investors.
Friday, the asset manager filed a letter with the SEC in response to the unexpected break on his plan to convert the large -scale digital fund to gray levels (GDLC) in a bargain on the stock market (ETF). The SEC had already approved the conversion earlier this year, but then issued a suspension prescription to examine approval – without explaining why.
“The gray levels, the stock market and current investors of the fund undergo damage following delay,” said the company in its letter.
The GDLC ETF would hold a basket of digital assets with large capitalization, notably Bitcoin, Ether, XRP, Solana and Cardano, with around 80% of the fund currently weighted in Bitcoin. The move to convert it into an ETF Spot is part of the wider Graycale strategy to provide more cryptographic products to traditional financial markets, after the launch of its bitcoin spot
ETF in January.
Although the SEC has not clarified its reasons for the delay, market observers suggest that taking is probably due to internal procedure problems, rather than political opposition to the crypto. ETF would contain Bitcoin, Ethereum, Solana, Cardano and XRP. Among these, Cardano and XRP do not currently have their own individual ETFs, and Solana has only one fund – with several applications hoping to add to this number.
Scott Johnsson, financial lawyer and ETF Expert, said in an article on X that although the SEC decision is out of the ordinary, it will probably not derail the fund.
“Since Grayscale suggested that they had had productive conferences with the dry before approval, and they had brought in-depth amendments to the rule proposal in accordance with these discussions, I suppose that the application of rule 431 was a farewell gift from Crenshaw acting unilaterally,” he wrote, referring to the commissioner of the SEC Caroline Crenshaw. “It will be launched, it’s just a question of the OMI.”
If it is approved, GDLC would be the first multi-active crypto ETF in the United States, which gives investors an exhibition to an organized basket of better digital currencies without having to manage the portfolios or the guard themselves.
