SEC Reviews Approval of Grayscale Digital Large Cap Fund ETF
The U.S. Securities and Exchange Commission (SEC) is reviewing its recent approval of Grayscale's Digital Large Cap Fund (GDLC) conversion into an exchange-traded fund (ETF). Key points include:
- Grayscale's GDLC holds $755 million in various cryptocurrencies including bitcoin, Ethereum, XRP, Solana, and Cardano.
- The SEC allowed the uplisting through delegated authority, meaning staff approved it without a commission vote.
- A letter dated July 1 states that any commissioner may request a review of this action, and the order is currently stayed until further notice from the SEC.
- GDLC is benchmarked to CoinDesk's CoinDesk 5 Index.