XRP, Solana, Cardano on star-news.press/wp

The US Securities and Stock Exchange Committee suddenly stopped converting the GrayScale Investments (GDLC), which contains XRP, Solana, Cardano alongside BTC and ETH, into a trading box for exchange, less than twenty -four hours after the agency’s employees have given change the necessary rule. In a letter from one page dated July 1, Deputy Minister J Until this review is completed, GDLC cannot list in NYSE Arca.

The residence stopped approved that the SEC trading and markets department was issued under the Commission Authority through the 19B-4 Grand Exchange Law, which led to the inclusion of the NYSE Arca proposal (File No. SR-NYSEARCA-2024-87) to include GDLC as a unit of confidence.

Why does SEC XRP and Ada Etf freeze?

GDLC currently owns approximately $ 755 million, dominated by Bitcoin (≈80 %) and Ether (≈11 %), but approximately eight percent customized via XRP, Solana and Cardano is what makes the product the first group of multiple ETF Tokens (SEC) was () in contrast, converted. GRAYSCALE’s Bitcoin Trust (GBTC) without an accident in January 2024, after the circle of the ongoing current, the Supreme Education Council, ordered the eviction of its previous denial.

Bloomberg, analyst James Sevart James Sevart break News on X: “Update: While @GRayscale has been granted approval to transfer it to $ GDLC to ETF yesterday, there was a letter associated with this approval that puts a residence on its ability to actually transfer at this time.”

Sefart drawing two, there are still unconfirmed interpretations. First, the committee may block all multiple launch operations until the ETP framework is comprehensive. “SEC does not want to allow anything to launch it under the 19B-4 process until they formally agree or reach a frame of digital assets on the ETF cover. (…) I assume that SEC does not want to deny that but for any reason that it was not ready to launch yet.”

Second, an internal department may have trading and markets that are not resolved about the GDLC structure or disclosure. “The second theory is that something SEC wants to work on in relation to a specific side of $ GDLC itself (like its structure?) The approval order comes on 19B-4 of the division of trade and markets. Maybe another section is ready to allow this to transfer yet,” Sepvart wrote via X.

His colleague Eric Balunas Repeat That reading: “The conspiracy is condensed. The SEC’s upper level tells GDLC that it cannot be released until it is notified otherwise … Getain: They want to issue Crypto ETP standards before any boxes boxes boxes in 33-Act.”

Al -Qaeda 431 allows any commissioner to withdraw an accredited lawsuit by employees to review the plenary session. The procedural rule; It does not guarantee reflection and does not specify the deadline. Historically, reviews ranged from a few weeks to several months. Until the committee votes, the employees will remain oblivious. Therefore, Sepvart concludes: “Tldr: It cannot be converted * yet * but it will.

It is worth noting that Grayscale can provide legal summaries that urge the committee to confirm the approval of the employees; External commentators may also be presented. The committee may support, amend or cancel the matter. Even if they survive, Nyse Arca cannot list GDLC until the residence is raised.

At the time of the press, XRP was traded at $ 2.27.

Distinctive image created with Dall.e, Chart from TradingView.com

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