Deep Tide TechFlow News, on July 11, Davis Polk & Wardwell LLP representing Grayscale sent a letter to the SEC on July 8, arguing that its Digital Large Cap Fund should be considered automatically approved as of July 2. According to Section 19(b)(2) of the Securities Exchange Act, the SEC must make a final decision on a proposal within 240 days of its publication; otherwise, the proposal will be deemed automatically approved. Although the SEC first approved and then suspended the proposal on July 1, Grayscale's lawyers believe that the SEC's internal rule 431(e) cannot supersede the statutory deadlines set by Congress. The letter pointed out that the delay has caused harm to Grayscale, the exchange, and investors, and urged the SEC to allow the fund to launch as soon as possible.