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Attorneys for digital asset manager Grayscale pushed back against the US Securities and Exchange Commission’s (SEC) delay on approving its Digital Large Cap exchange-traded fund (ETF) in a letter sent on Tuesday.
The SEC’s Division of Trading and Markets initially approved the ETF proposal, but the SEC’s Office of the Secretary decided to review the action immediately afterward, halting the decision, Grayscale’s attorneys said.
This violates the “statutory approval or disapproval deadline” set by the SEC and conflicts with established procedure, according to the attorneys.
