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By Helene Braun, AI Boost|Edited by Nikhilesh De
Jul 11, 2025, 2:49 p.m.

- Grayscale has filed a letter with the SEC arguing it has no authority to delay the GDLC ETF launch.
- The SEC approved the conversion of GDLC but issued a stay order with no public explanation.
- Experts say the delay is likely procedural and temporary, not a signal of political opposition.
Grayscale has pushed back against the U.S. Securities and Exchange Commission’s (SEC) decision to halt the launch of its large-cap crypto ETF, calling the agency’s stay order both unlawful and harmful to investors.
STORY CONTINUES BELOW
The asset manager filed a letter with the SEC on Friday in response to the unexpected pause on its plan to convert the Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). The SEC had already approved the conversion earlier this year but then issued a stay order to review the approval — without explaining why.
“Grayscale, the Exchange and the Fund’s current investors are suffering harm as a result of the delay,” the company said in its letter.
The GDLC ETF would hold a basket of large-cap digital assets including bitcoin, ether, XRP, solana and cardano, with around 80% of the fund currently weighted in bitcoin. The move to convert it into a spot ETF is part of Grayscale’s broader strategy to bring more crypto products to mainstream financial markets, following the launch of its spot bitcoin
ETF in January.
While the SEC has not clarified its reasons for the delay, market watchers suggest the hold is likely due to internal procedural issues, rather than political opposition to crypto. The ETF would hold Bitcoin, Ethereum, Solana, Cardano and XRP. Of these, Cardano and XRP don’t currently have their own individual ETFs, and Solana just has one fund — with several applications hoping to add to this number.
Scott Johnsson, a financial lawyer and ETF expert, said in a post on X that although the SEC’s move was out of the ordinary, it likely won’t derail the fund entirely.
“Given Grayscale was suggesting they had productive talks with the SEC prior to approval, and they had made extensive amendments to the rule proposal in line with those discussions, my guess is the Rule 431 application was a parting gift from Crenshaw acting unilaterally,” he wrote, referring to SEC Commissioner Caroline Crenshaw. “This is going to launch, it’s just a matter of when imo.”
If approved, GDLC would be the first multi-asset crypto ETF in the U.S., giving investors exposure to a curated basket of top digital currencies without needing to manage wallets or custody themselves.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.