SEC suspends Grayscale crypto ETF conversion plan

PANews reported on July 3 that the U.S. SEC decided to suspend the conversion of Grayscale Digital Large Cap Fund to ETF trading one day after approving it, saying that further review is needed. In addition, the SEC is reviewing multiple cryptocurrency ETF proposals, including assets such as SOL, XRP and DOGE.

Previously, the SEC accelerated Grayscale’s proposal to convert another closed-end fund into an ETF on July 2. The fund is mainly composed of Bitcoin (about 80%) and Ethereum (about 11%), and also contains a small amount of Solana, Cardano and XRP. The fund is currently traded in the over-the-counter market for qualified investors.

Earlier news, the US SEC approved an amendment to convert the Grayscale Digital Large Cap Fund into an ETF .