Cryptocurrency assets manager Grayscale has appealed a U.S. Securities and Exchange Commission (SEC) decision to suspend Exchange Trade Funds (ETFs), including XRP, Solana, Bitcoin, Ethereum and Cardano.
The company said the delay was hurting investors and called on regulators to open a fund for trading as soon as possible.
Grayscale’s official letter to the SEC states that “existing investors in the exchange and fund are harmed by delays in the launch of public transactions in the fund.” Grayscale also said it could pursue legal action if necessary to force funds to commence transactions.
The SEC approved the Grayscale Digital Large Cap Fund (GDLC) ETF on July 1, but it stopped trading the same week, citing the need for further scrutiny of the product. Grayscale said the move violated a time frame established by Congress and that “the internal regulatory rules of the Commission cannot be used to circumvent laws established by Congress.”
According to SEC filings, 80% of GDLC funds are made up of Bitcoin. Ethereum ranked second with 11%, followed by Cardano with Solana with 2.8%, XRP with 4.8% and Cardano with 0.8%. ETFs are traded on NYSE ARCA under the ticker symbol “GDLC”.
*This is not investment advice.
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