US SEC has suspended plans to convert Grayscale Digital Market Fund into ETF and will be reviewed further

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has suspended plans to convert Grayscale's Digital Large Cap Fund to ETF and put it in further review, according to CoinDesk.


Foresight News Previously, according to The Block, the US SEC approved the rule change proposal proposed by Arca on the New York Stock Exchange to allow Grayscale Digital Large Cap Fund LLC to be listed for trading in a "accelerated" manner. The SEC stated that under Section 19(b)(2) of the Transactions Act, it is now ordered to accelerate the approval of the proposed rule changes (SR-NYSEARCA-2024-87) (amended by Amendment No. 1). The fund is currently trading for qualified investors off-market, mainly composed of Bitcoin, accounting for nearly 80%, ETH accounts for about 11%, and Solana, Cardano and XRP are also included, accounting for single digits.

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