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

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The first is that staff in another division may still vet GDLC’s structure, or the SEC may prefer to keep every crypto listing on hold until it finishes a broader rule set for token-based ETFs.
It’s possible, Seyffart posited Wednesday, that another division of the agency pushed back on the approval and wants to tweak elements of the product before it can trade.