Grayscale Sues SEC Over Delayed Crypto ETF Approval
Grayscale Investments has initiated legal action against the U.S. Securities and Exchange Commission (SEC) in response to the regulator’s decision to halt the approval of its Grayscale Digital Large Cap Fund LLC (GDLC). The fund, which offers exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano, was initially approved by the SEC’s Division of Trading and Markets on July 1. However, the SEC subsequently issued a stay on the approval, citing a pending internal review.
In a letter sent to the SEC, Grayscale’s legal team argued that the fund’s approval should be considered automatically approved due to the SEC missing its legal deadline to act on the proposal. The team contended that the SEC cannot use its internal processes to bypass…
