Why Did the SEC Pause Grayscale's New ETF?

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It's most likely just an administrative delay.

Examining the intersection of cryptocurrency and government

Welcome to State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. I’m your host, Nikhilesh De.

The SEC approved and then almost immediately halted Grayscale's effort to convert one of its products into an exchange-traded fund. This is likely for administrative reasons, rather than political ones.

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(Nikhilesh De/CoinDesk)

The narrative

The SEC halted Grayscale's launch of a multi-asset exchange-traded fund, at least for now.

Why it matters

The crypto industry is watching itself become an even greater part of the broader financial system, with new product launches accessible to the general public. Grayscale is set to launch another product, whenever the SEC gets around to lifting its stay.

Breaking it down

The Grayscale Digital Large Cap Fund (GDLC) will, if it launches, be an exchange-traded fund that offers the public exposure to multiple cryptos in one product. Disclosure: The fund is based on CoinDesk Indices' CoinDesk 5 Index.

The SEC's commissioners stayed the product's launch, but that stay seems to be administrative rather than political, individuals familiar told CoinDesk.

Read the full story here.

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This Week

This week

All eyes are on the House, which had to work its way through the reconciliation bill before it could get to the crypto stuff. As of 5:00 p.m. ET on Thursday, July 3, the House does not have any votes scheduled for next week, suggesting the crypto bills — stablecoins and market structure — will have to wait a while longer.

Elsewhere

(NPR) The Department of Justice's "leadership is directing its attorneys to prioritize denaturalization in cases involving naturalized citizens who commit certain crimes," NPR reported. (NPR) The Department of Homeland Security has created "a searchable national citizenship data system." (The Washington Post) The House and Senate both passed a revised tax and budget bill this week after multiple all-nighter sessions.

Today's Post

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social.

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See y’all next week!

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