SEC suspends Grayscale crypto ETF conversion plan

The US SEC decided to suspend the conversion of Grayscale Digital Large Cap Fund to ETF trading one day after approving it, stating that further review is required. In addition, the SEC is reviewing multiple cryptocurrency ETF proposals, including assets such as SOL, XRP, and DOGE. Previously, on July 2nd, the SEC accelerated the approval of Grayscale's proposal to convert another closed-end fund into an ETF, which is mainly composed of Bitcoin (accounting for about 80%) and Ethereum (accounting for about 11%), as well as a small amount of Solana, Cardano, and XRP. The fund is currently trading in the over-the-counter market for qualified investors. Previously, the US SEC approved an amendment to convert grayscale digital large cap stock funds into ETFs.