The Bitcoin ETF, Ethereum, XRP, Solana and Cardano has a high probability of approval
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The delay seems to be for administrative causes and not in the absence of will for approval.
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James Seyffart, a specialist in ETF, is convinced that it will be approved.
The Grayscale Digital Large Cap Fund (GDLC), a background quoted in the stock market (ETF) that includes Bitcoin (BTC), Ethher (Eth), XRP, Solana (Sun) and Cardano (ADA), has been at the Center for Attention after initially receiving the green light by the United States Stock Exchange and Securities Commission (SEC). However, the approval process suffered a setback on July 2 due to an administrative suspension.
James Seyffart, ETF specialist and Bloomberg Intelligence analyst, explained that the delay could be related to the lack of a clear regulatory framework For digital assets in ETFs.
Seyffart said that, although the SEC approved the Fund, attached a letter that temporarily suspended the conversion of the GDLC to ETF. According to Seyffart, The sec It seems not ready to launch products under process 19B-4 until a specific framework for digital assets is approved or implemented in the field of ETFs.
The analyst added that The delay It could be for an administrative issue related to the fund itself or with structural aspects of the GDLC. He also mentioned that the Division of Trading & Markets of the SEC had given its approval, but that another division could not be ready to allow the conversion of the background into an ETF.
According to Seyffart, the GDLC “cannot yet become ETF, but it will. We do not know when or exactly why the SEC issued this suspension order.”
For his part, Eric Balchunas, another ETF analyst, commented that the situation is complicated. He suggested that the SEC could be waiting for the issuance of rules for the price of digital assets before allowing the launch of Cryptocurrency ETF such as the GDLC.
In his opinion, the suspension is probably a delay until the SEC finishes defining the standards for funds listed on the bag -based bag -based. According to Balchunas, “the most likely argument is that the SEC wants to establish the standards for cryptocurrency ETF before allowing the launch of these products in the market.”
On July 1, the SEC approved the launch of the ETF, which marked an important advance for Grayscale Investments. The fund, which was already quoted in secondary markets, modified its structure to meet the quotation requirements such as ETF.
According to the details revealed, the GDLC is composed of 80.2% of Bitcoin, 11.39% of ETHER, 4.82% of XRP, 2.78% of Solana and 0.81% of Cardano. Fund positions are rebuilt quarterly and can be adjusted according to the acceptance of new cryptocurrencies by the SEC.
However, on July 2, the SEC suspended the approval of the ETF due to alleged administrative errors detected in the process, as reported cryptootics.
This setback in the approval process has generated uncertainty, but analysts agree that the possibility that the ETF is finally approved remains high. The fact that Grayscale has received an initial approval order It suggests that the final approval is close.
