Grayscale Sends Special Letter to SEC Regarding XRP, Solana, and Cardano ETFs – Here’s What It Says

Cryptocurrency asset manager Grayscale has appealed the US Securities and Exchange Commission's (SEC) decision to halt its exchange-traded fund (ETF) containing XRP, Solana, Bitcoin, Ethereum, and Cardano.

The company stated that this delay was harming its investors and called on the regulator to open the fund for trading as soon as possible.

Grayscale's official letter to the SEC stated, “The exchange and the fund's existing investors are being harmed by the delay in the fund's commencement of public trading.” Grayscale also stated that it may pursue legal action if necessary to force the fund to commence trading.

The SEC approved the Grayscale Digital Large Cap Fund (GDLC) ETF on July 1. However, it halted trading the same week, citing the need for further scrutiny of the product. Grayscale argued that this move violated timeframes established by Congress, stating, “The Commission's internal regulatory rules cannot be used to circumvent a law established by Congress.”

According to SEC filings, 80% of the GDLC fund is comprised of Bitcoin. Ethereum comes in second with 11%, followed by Solana with 2.8%, XRP with 4.8%, and Cardano with 0.8%. The ETF would trade on NYSE Arca under the ticker symbol “GDLC.”