The US Securities and Exchange Commission’s leaders are reviewing the Agency’s recent approval of a gray-Cala-Cala Intention to convert a fund to a stock-gone fund (ETF)A letter dated July 1 said.
SEC allowed gray scale to transfer the digital big cap fund (Gdlc)that owns $ 755 million in Bitcoin
Ethereum, XRP, Solana and Cardano, to an ETF through delegated authority-which means that SEC’s commissioners did not vote to approve the conversion, but rather agency staff gave the cancellation.
“This letter is to notify you that in accordance with Rule 431 of the Commission’s practice rules, 17 CFR 201.431, the Commission will review the delegated action,” the letter said, addressed to the New York Stock Exchange. “In accordance with Rule 431(e)On July 1, 2025 -Order will be resolved until Commission orders otherwise. “
SEC said it would let sneeze know “about any relevant action taken by the Commission.”
Any Commissioner can ask for a SEC act to be reviewed. Previously, for example, commissioners have asked to undergo ETF rejections. The letter did not indicate which commissioner or commissioners were asked for the review.
GDLC is the benchmark to Coindesk’s Coindesk 5 -Index.
Spokesman for grayscale and sneezing did not immediately return a request for comment.
A SEC spokesman refused to comment on the letter.
Update (July 2, 2025, 20:05 UTC): Adds additional details, SEC falls by commenting.
