Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
US SEC hits pause on Grayscale crypto ETF conversion

US SEC hits pause on Grayscale crypto ETF conversion

The BlockThe Block2025/07/01 16:00
By:By Sarah Wynn

Quick Take The U.S. Securities and Exchange Commission put a pause on converting the Grayscale Digital Large Cap Fund LLC a day after agency staff greenlit the fund to begin trading. The SEC is also weighing dozens of proposals for crypto ETFs from ones tracking SOL to XRP to DOGE.

US SEC hits pause on Grayscale crypto ETF conversion image 0

The U.S. Securities and Exchange Commission put a pause on converting the Grayscale Digital Large Cap Fund LLC a day after agency staff greenlit the fund to begin trading. 

In a letter sent to the New York Stock Exchange on Wednesday, SEC Deputy Secretary J. Matthew DeLesDernier said the agency's Division of Trading and Markets granted that approval, but said the commission would review it. 

"In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise," the SEC said in the letter. "The Office of the Secretary will notify you of any pertinent action taken by the Commission."

The SEC approved Grayscale's proposal to convert another one of its closed end funds into an ETF on an "accelerated basis" on Tuesday. The fund trades over the counter for accredited investors and is composed primarily of bitcoin at almost 80% and Ethereum at about 11%. Solana, Cardano, and XRP are also represented with single-digit percentages, according to its website.

Grayscale did not immediately respond to a request for comment. An SEC spokesperson declined to comment on any individual fund. 

The SEC is also weighing dozens of proposals for crypto ETFs from ones tracking SOL to XRP to DOGE.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Notice: Maintenance for VND deposit service

Bitget Announcement2025/07/21 12:30

TAUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/21 09:15