Grayscale Sends Special Letter to SEC Regarding XRP, Solana, and Cardano ETFs – Here’s What It Says

Cryptocurrency Asset Supervisor Grayscale has appealed in opposition to the choice of the US Securities and Change Fee (SEC) to cease her Change-Commerce Fund (ETF) with XRP, Solana, Bitcoin, Ethereum and Cardano.

The corporate acknowledged that this delay had its traders injury and referred to as on the supervisor to open the commerce fund as rapidly as doable.

The official letter from Grayscale acknowledged to the SEC: “The inventory market and the present traders of the fund are broken by the delay in the beginning of public commerce by the fund.” Grayscale additionally acknowledged that if essential, it could actually take authorized steps to pressure the fund to start out commerce.

The SEC authorized the Grayscale Digital Giant Cap Fund (GDLC) ETF on 1 July. Nonetheless, it stopped the commerce in the identical week, referring to the necessity for additional investigation of the product. Grayscale argued that this step has violated and acknowledged the time schedule of the congress: “The inner regulatory guidelines of the committee can’t be used to avoid a legislation established by the congress.”

In line with SEC archives, 80% of the GDLC fund consists of Bitcoin. Ethereum is second with 11%, adopted by Solana with 2.8%, XRP with 4.8percentand Cardano with 0.8%. The ETF would commerce on NYSE Arca beneath the Ticker image “GDLC”.

*This isn’t funding recommendation.