Interpretations on why the SEC hit pause

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James Seyffart, Bloomberg ETF analyst, attributed the SEC’s pause on Grayscale’s GDLC ETF conversion to the lack of an established legal framework for altcoin-based ETFs

James Seyffart, Bloomberg ETF analyst, suggested internal divisions within the SEC may have contributed to the delay in Grayscale’s ETF conversion, as different agency divisions potentially seek further review of the fund’s structure

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.

Senior Bloomberg analyst Eric Balchunas suggested the SEC could be delaying Grayscale’s ETF to finalize new crypto exchange-traded product (ETP) listing standards and coordinate launches of altcoin spot ETFs

The SEC’s stay was issued under Rule 431(e), which allows the Commission to review actions approved by delegated authority before they take effect

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