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By Nikhilesh De|Edited by Aoyon Ashraf
Updated Jul 2, 2025, 8:12 p.m. Published Jul 2, 2025, 7:50 p.m.
- The SEC’s commissioners are reviewing the regulator’s recent approval of the Grayscale Digital Large Cap Fund’s conversion into an exchange-traded product, the SEC said.
- The SEC okayed the conversion earlier this week.
The U.S. Securities and Exchange Commission’s leaders are reviewing the agency’s recent approval of a Grayscale effort to convert a fund into an exchange-traded fund (ETF), a letter dated July 1 said.
The SEC allowed Grayscale to uplist the Digital Large Cap Fund (GDLC), which holds $755 million in bitcoin
, Ethereum
, XRP
, Solana
and Cardano
, into an ETF through delegated authority — meaning the SEC’s commissioners did not vote to approve the conversion, but rather agency staff gave the sign-off.
STORY CONTINUES BELOW
“This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action,” the letter, addressed to the New York Stock Exchange, said. “In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise.”
The SEC said it would let the NYSE know “of any pertinent action taken by the Commission.”
Any commissioner can ask that an SEC action be reviewed. In the past, commissioners have asked to review ETF disapprovals, for example. The letter did not indicate which commissioner or commissioners asked for the review.
GDLC is benchmarked to CoinDesk’s CoinDesk 5 Index.
Spokespeople for Grayscale and the NYSE did not immediately return a request for comment.
An SEC spokesperson declined to comment on the letter.
UPDATE (July 2, 2025, 20:05 UTC): Adds additional detail, SEC declining to comment.
Nikhilesh De is CoinDesk’s managing editor for global policy and regulation, covering regulators, lawmakers and institutions. He owns < $50 in BTC and < $20 in ETH. He won a Gerald Loeb award in the beat reporting category as part of CoinDesk’s blockbuster FTX coverage in 2023, and was named the Association of Cryptocurrency Journalists and Researchers’ Journalist of the Year in 2020.
