Grayscale Challenges SEC's Halt on ETF Conversion

According to BlockBeats, Grayscale and its legal team have submitted a letter contesting the U.S. Securities and Exchange Commission's (SEC) decision to halt the conversion of Grayscale's Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). The letter argues that the SEC lacks the authority to impose such a suspension. Previously, the SEC had announced a pause on Grayscale's plans to transform its Digital Large Cap Fund into an ETF, placing the proposal under further scrutiny. Grayscale's response indicates a firm stance against the regulatory body's decision, emphasizing their belief in the SEC's overreach in this matter.