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.
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SEC Halts Grayscale Large Cap Fund Conversion for 'Review' a Day After Staff Approval
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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.
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