The United States Stock Exchange and Securities Commission (SEC) suspended the approval of the Fund quoted in the Bolsa (ETF) Digital Cap Fund (GDLC), managed by Grayscale Investments, which offered exposure to Bitcoin (BTC), Ethher (Eth), XRP, Solana (Sol) and Cardano (ADA).
The decision, communicated to the New York Stock Exchange, It is based on alleged administrative errors detected in the authorization process.
On July 1, the SEC had allowed the conversion of the GDLC, a fund that was already operating in secondary markets, to meet the requirements of an ETF to cash.
As Cryptonotics reported, this fund was the first to include a combination of cryptocurrencies beyond Bitcoin and Ether, with a portfolio composed of Bitcoin (80.2%), Ether (11.39%), XRP (4.82%), Solana (2.78%) and Cardano (0.81%), quarterly re -accused.
However, the SEC clarified that the approval was granted by delegated authority, without the vote of the commissioners, which led to the revision of the process. In the letter sent to the New York Stock Exchange, the Commission indicated that the order of July 1, 2025 It is leisurely until new dispositionin accordance with rule 431 of its regulations.
Despite the suspension, the specialist at ETF Nate Geraci pointed out that the decision of the sec It could be a step towards the creation of a clear regulatory framework for cryptocurrency ETFs.
According to Geraci, this delay seeks to establish formal price standards, which could facilitate future approvals. For now, the GDLC, which had not yet debuted in the market, expects a definitive resolution.
