SEC issued a formal notice to the NYSE announcing a review of the delegated staff approval of Grayscale’s ETF conversion without identifying the requesting commissioner.

Quotes that support claims

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.

This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action," the letter, addressed to the New York Stock Exchange, said. "In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise.

The letter did not indicate which commissioner or commissioners asked for the review.