The Legal team of the Grayscale Asset Management Company called on the US Securities and Stock Exchange Committee (SEC) regarding its decision to delay the company’s CAP digital box list (GDLC) on the New York Stock Exchange.
As Bituchini mentioned earlier, the GDLC convert, which contains Bitcoin, Eter, XRP, Solana and Cardano, into a trading box (ETF) was “remaining” indefinitely after 24 hours after the SEC division of trade and markets in the box list.
Gray to present a SEC petition on ETF multiple assets
In a speech on July 8, the Ashradi lawyers expressed their dissatisfaction with the Secretary’s office’s decision to delay the transfer of GDLC to ETF. According to the committee, the purpose of this “residence” decision is to review the authorized procedure of inserting the CAP digital box in Grayscale on the New York Stock Exchange.
James Sevart, the Bloomberg intelligent analyst ETF, while the delay news erupted, that SEC can stand up to all multi -cell ETF launch operations to complete an inclusive frame of the ETP digital asset. “The second theory is that there is something that SEC wants to work on regarding a specific aspect of $ GDLC itself (like its structure?) Comes the approval order on 19B-4 from the division of trade and markets. It may not be another section ready to allow this to transfer yet.”
However, Grayscale’s message messages indicate that the patience of the asset manager descends with the committee. A gray lawyer hinted that the parties participating in the transfer are considering submitting a petition that the residence is raised in the GDLC list temporarily.
Reading the message:
The consequences of failure to meet the legal approval or the deadline for approval, regardless of the reason, is clear: according to Article 19 (B) (2) (d), the rule of the rule is considered approved. GrayScale and The Exchange and The Fund Current suffer from the current investors as a result of the delay in the general launch of the fund, so Grayscale and exchange are considering submitting a petition requesting the committee to raise the residence imposed by Qaeda 431 (E) while the committee declined by the measures taken by the Commission Authority, so that the fund can launch it while reviewing this.
Grayscale concluded the message by recognizing the progress made by the committee regarding organizational clarity in the digital asset industry. The director of assets added that “Grayscale appreciates the committee’s efforts to provide organizational clarity and intends to continue to engage in a cooperative manner with the committee in enhancing the common goal of organizational clarity and working as a resource for the encryption committee.”
GDLC ETF launch only time: expert
Scott Johnson, an expert in the Finance Law, shared their opinion on the developments between Grayscale and US SEC regarding the transfer of the CAP digital box. Despite the somewhat technical complications, the finance expert expects that GDLC will be launched as a time -traded exchange box.
Johnson said on X:
Given that Grayscale was indicating that they had made fruitful conversations with SEC before approval, and they made extensive amendments to the base proposal in line with those discussions, I think the 431 Rule application was a separation gift from CRENSHAW that behaves unilaterally. Then SEC was forced to deal with chaos. This will be released, it is just a matter of when IMO.
While Bitcoin and ETHEREUM boxes circulated on the stock exchange began to circulate in 2024, the American SEC is still sitting on a set of ETF applications for other encryption assets, including Solana, XRP and DOGE- to name a few.
The total cryptocurrency market capitalization on the daily timeframe | Source: TOTAL chart on TradingView
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