The SEC doesn't want to let anything to launch under the 19b-4 process until they officially approve or come up with some framework for digital assets in the ETF wrapper.
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SEC Hits Pause on Grayscale's XRP, Solana and Cardano ETF Conversion
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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
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