SEC Hits Pause on Grayscale’s XRP, Solana and Cardano ETF Conversion
The post SEC Hits Pause on Grayscale’s XRP, Solana and Cardano ETF Conversion appeared on BitcoinEthereumNews.com. In brief The SEC has indefinitely paused an order approving the trading of a Grayscale ETF containing Solana, XRP, and Cardano alongside Bitcoin and Ethereum. On Tuesday, the agency fast-tracked the conversion of a Grayscale fund containing altcoin exposure, GDLC, into an ETF. Analysts said the SEC may want to issue guidelines for approving crypto ETFs before greenlighting Grayscale’s product. Put away those champagne bottles—the SEC hasn’t greenlit trading for a Grayscale ETF focused not just on Bitcoin and Ethereum, but also altcoins including XRP, Solana, and Cardano… at least, not quite yet. On Tuesday, the Wall Street regulator issued an order finding that it had good cause to approve ETF conversion for the Grayscale product, dubbed the Grayscale Digital Large Cap Fund (GDLC), on an accelerated basis. Quietly attached to the order, however, was a letter from SEC leadership staying, or pausing, the order indefinitely, “until the Commission orders otherwise.” Bloomberg ETF analyst James Seyffart was the first to point out the fine print on Wednesday afternoon. It can be found here on the SEC website. We have a few theories as to why this happened. 1. The SEC doesn’t want to let anything to launch under the 19b-4 process until they officially approve or come up with some framework for digital assets in the ETF wrapper. pic.twitter.com/WegC5d2Tcj — James Seyffart (@JSeyff) July 2, 2025 So—the GDLC was approved, but not really, or at least not yet? What gives? A few theories are floating around Wall Street. Seyffart himself said that, potentially, the SEC did not want to deny Grayscale’s GDLC ETF application before today’s deadline, but is also currently developing an internal framework for issuing digital asset ETFs, and doesn’t want to approve Grayscale’s fund until the framework is ready for showtime. Eric Balchunas, another top ETF analyst…
The post SEC Hits Pause on Grayscale’s XRP, Solana and Cardano ETF Conversion appeared on BitcoinEthereumNews.com.
In brief The SEC has indefinitely paused an order approving the trading of a Grayscale ETF containing Solana, XRP, and Cardano alongside Bitcoin and Ethereum. On Tuesday, the agency fast-tracked the conversion of a Grayscale fund containing altcoin exposure, GDLC, into an ETF. Analysts said the SEC may want to issue guidelines for approving crypto ETFs before greenlighting Grayscale’s product. Put away those champagne bottles—the SEC hasn’t greenlit trading for a Grayscale ETF focused not just on Bitcoin and Ethereum, but also altcoins including XRP, Solana, and Cardano… at least, not quite yet. On Tuesday, the Wall Street regulator issued an order finding that it had good cause to approve ETF conversion for the Grayscale product, dubbed the Grayscale Digital Large Cap Fund (GDLC), on an accelerated basis. Quietly attached to the order, however, was a letter from SEC leadership staying, or pausing, the order indefinitely, “until the Commission orders otherwise.” Bloomberg ETF analyst James Seyffart was the first to point out the fine print on Wednesday afternoon. It can be found here on the SEC website. We have a few theories as to why this happened. 1. The SEC doesn’t want to let anything to launch under the 19b-4 process until they officially approve or come up with some framework for digital assets in the ETF wrapper. pic.twitter.com/WegC5d2Tcj — James Seyffart (@JSeyff) July 2, 2025 So—the GDLC was approved, but not really, or at least not yet? What gives? A few theories are floating around Wall Street. Seyffart himself said that, potentially, the SEC did not want to deny Grayscale’s GDLC ETF application before today’s deadline, but is also currently developing an internal framework for issuing digital asset ETFs, and doesn’t want to approve Grayscale’s fund until the framework is ready for showtime. Eric Balchunas, another top ETF analyst…
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