Coin World News reports that on July 11 (UTC+8), according to Bloomberg analyst James Seyffart, Grayscale and its lawyers submitted a letter responding to the U.S. Securities and Exchange Commission (SEC) regarding the suspension order on the ETF conversion of GDLC, arguing that the SEC has no authority to do so. Previously, news reported that the U.S. Securities and Exchange Commission (SEC) had suspended Grayscale's Digital Large Cap Fund's plan to convert into an Exchange-Traded Fund (ETF) and placed it under further review.