Sec fumbled ball to digital big cap fund etf list

Lawyers for digital asset manager Grayscale pushed back against the US Securities and Exchange Commission (SEC) delay in approval of digital large cap exchange-traded funds (ETF) in a letter sent Tuesday.

The SEC division of trading and market Initially approved ETF proposalBut the Secretary’s SEC office decided to check the action immediately after, stop the decision, Graryscale’s lawyers said.

It violates the “law -based approval or disagreement of the deadline” set by the SEC and the conflict in the established procedure, according to lawyers. Read the letter:

“The consequences of a failure to meet the approvement of the law or disagree with the disagreement, whatever the reason, is clear: under Section 19 (B) (2) (D), the proposal rule is considered approved. Grayscale, the exchange, and the current investor of funds suffer the damage as a result of the public’s delay in launching funding.”

Grayscale’s conversions of crypto -based trusts, which are some of Earliest crypto investment vehiclesIn the ETFS signal the maturation of the crypto industry from a niche market to a major asset class available to traditional financial investors.

The SEC considers the alleviation of the ETF approved process

Stock exchanges, fund managers and the SEC explores Simplification of ETF approved process For select Crypto investment vehicles.

The accelerated process will automate parts of current application methods, allowing some ETF providers to turn 19B-4 filings in full, journalist Eleanor Terrett Says In a post on X.

The SEC Chair Paul Atkins has recently reaffirmed the agency’s promise of regulatory reform and Termination of regulation by implementation to encourage change in the US.