It only took the Securities and Exchange Commission of the United States to return to the approval given to the large-scale digital fund (GDLC) to convert to negotiated on the stock market (ETF), inadvertising its launch.
On July 1, 2025, the SEC shared a letter indicating its intention to examine the recent approval granted to GDLC to convert its fund to ETF.
The FNB Gray FNB approval has been welcomed as historical development for Multi-Active Crypto ETF in the United States. For the uninitiated, Graycale brings a regulatory structure to a product that follows Bitcoin, Ethereum and other primary tokens by converting its multi-active cryptographic fund.
The initial approval of the regulatory body indicated that its authorities were confident in the preparation of the product for the market. Nevertheless, he decided to invoke the Rule 431 of the rules of practice of the dry to examine his previous decision.
Breaking News of yesterday and thoughts
– Despite the initial dry authorization, he recently brought a break in terms of plans to convert the large -scale digital fund of Grayscale to one ETF
The temporary break does not necessarily mean denial, it will trigger a more in -depth examination, to assess: market …
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Salazar.eth
Salazar.eth 
(@ 0xsalazar) The GDLC fund holds $ 755 million in Bitcoin, Ethereum, Solana, XRP and Cardano. According to some analysts, the staff of the SEC agency signed approval rather than the commissioners, hence the recall.
In its letter addressed to the New York Stock Exchange (NYSE), the SEC said: “This letter is to inform you that, in accordance with rule 431 of the Commission’s practice rules, 17 CFR 201.431, the Commission will examine the delegated action.”
In addition, he confirmed that “in accordance with rule 431 (e), on July 1, 2025, the order was suspended until the commission orders otherwise.”
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Exposure to Altcoin attracts a rare examination of the dry of the ETF application on a gray scale
The GDLC fund, launched in 2018, includes a variety of cryptocurrencies, with more than 91% of its assets invested in Ethereum and Bitcoin. The rest is made up of altcoins such as XRP, Solana and Cardano.
In addition, the GDLC includes cryptocurrencies established according to their market size and adjusts each quarter to correspond to the changes. If it is approved, the GDLC will become a public ETF which allows investors to hold several cryptographic assets in a single place.
Historically, these inversions are rare. They often signal internal debates in progress on the protection of investors, management of regulatory consistency and market stability. Altcoins, posing variable risk degrees, could have been the trigger of the SEC commissioners to be informed about the approval at the staff level.
The inclusion of assets like XRP and Solana, whose status is still to be discussed, may have raised concerns concerning the legal treatment of underlying tokens and the clarity of disclosure as multi-skid products, such as gray levels, add additional levels of structural and legal complexity, contrast to one asset.
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Bloomberg analyst thinks that dry re -evaluates ETF on a gray scale to develop clearer rules
Some analysts, such as Eric Balchunas de Bloomberg, think that the dry re -evaluates FNB at gray levels to develop clearer rules before authorizing more complex cryptography funds. Baluchnas also speculates that the regulatory body is waiting to set coherent standards for cryptographic investment products before giving the GDLC ETF.
The plot thickens. Higher level of the dry narrative $ GDLC It cannot be launched until otherwise informed. I do not know why, no other information than this letter. I suppose that Tho: They want to issue the Crypto ETP list standards before the ETF of 33 Act of the ETF strike with these other pieces. If probably …
– Eric Balchunas (@ericbalchunas) July 2, 2025
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Main to remember
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The GDLC fund holds $ 755 million in Bitcoin, Ethereum, Solana, XRP and Cardano
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Bitcoin and Ethereum represent more than 91% of the GDLC fund portfolio
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Multi-active products, such as gray levels, add additional levels of structural and legal complexity unlike ETF to a single asset
The Gray Post-level FNB faces an indefinite delay while the re-evaluation of the SEC appeared earlier than the approval appeared first on 99Bitcoins.
