The SEC had initially approved Grayscale’s Digital Large Cap Fund (GDLC)—a multi-crypto ETF featuring Bitcoin, Ethereum, Solana, XRP, and Cardano—via delegated authority, allowing it to list on NYSE Arca .
Immediately after, a stay was issued by the SEC’s commissioners citing Rule 431, effectively halting the launch **"until the Commission orders otherwise"** .
This move appears administrative and temporary, not politically motivated. Grayscale will work with the SEC to finalize standards .
Analysts (e.g., Seyffart, Balchunas) believe the pause is to allow the SEC to establish a formal regulatory framework and listing standards for crypto ETFs, especially those containing altcoins, before launching anything else under the 19b‑4 process .
Market watchers expect this delay to be resolved by later this year, likely once the standards are finalized .
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🔍 Binance’s Coverage and Perspective
Binance’s own content confirms that this pause is part of a broader context of the SEC delaying trust and ETF decisions, including those involving XRP, Solana, and Dogecoin, citing legal and policy considerations .
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📌 Takeaway
The pause is a temporary regulatory hold, not a shutdown. It allows the SEC its full review before releasing policy for altcoin inclusion in ETFs.
GDLC likely isn’t abandoned—just waiting for clearer rules.
Look for updates later this year, especially when the SEC releases crypto ETF frameworks and altcoin-specific guidance.
