The SEC approved Grayscale’s ETF conversion through delegated authority on an accelerated basis, without requiring a commissioner vote

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On Tuesday, the Wall Street regulator issued an order finding that it had good cause to approve ETF conversion for the Grayscale product, dubbed the Grayscale Digital Large Cap Fund (GDLC), on an accelerated basis.
The U.S. Securities and Exchange Commission put a pause on converting the Grayscale Digital Large Cap Fund LLC a day after agency staff greenlit the fund to begin trading.  In a letter sent to the New York Stock Exchange on Wednesday, SEC Deputy Secretary J. Matthew DeLesDernier said the agency's Division of Trading and Markets granted that approval, but said the commission would review it.
The SEC allowed Grayscale to uplist the Digital Large Cap Fund (GDLC), which holds $755 million in bitcoin, Ethereum, XRP, Solana and Cardano, into an ETF through delegated authority — meaning the SEC's commissioners did not vote to approve the conversion, but rather agency staff gave the sign-off.