SEC’s stay on Grayscale’s ETF conversion follows precedent from prior ETF cases where commissioners have exercised their right to review delegated staff decisions.

Quotes that support claims

Any commissioner can ask that an SEC action be reviewed. In the past, commissioners have asked to review ETF disapprovals, for example. The letter did not indicate which commissioner or commissioners asked for the review.

The Commission will review the delegated action. In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise. The Office of the Secretary will notify you of any pertinent action taken by the Commission,” the SEC claimed in a letter addressed to the NYSE.