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.

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 (BTC) 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.

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