Grayscale submits letter opposing SEC’s stay order on GLDC fund’s ETF conversion

Bloomberg analyst James Seyffart reported on X that Grayscale Investments and its lawyers filed a letter challenging the U.S. Securities and Exchange Commission’s (SEC) stay order on the Grayscale Digital Large Cap (GLDC) Fund’s ETF conversion. The fund, which includes Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and Cardano (ADA), had its ETF conversion previously put on hold by the SEC. Grayscale argues that the SEC lacks the authority to issue the stay order.