Grayscale sent a special letter to the SEC regarding the XRP, Solana, and Cardano ETF! Here is the content.

Crypto asset manager Grayscale has appealed the decision of the U.S. Securities and Exchange Commission to suspend the ETF that includes XRP, Solana, Bitcoin, Ethereum and Cardano.

The company stated that this delay has harmed its investors and called on the regulator to open the fund for trading as soon as possible.

In the official letter sent to the SEC by Grayscale, it was stated that "The current investors of the exchange and the fund are suffering losses due to the delay in the fund starting to trade publicly." Grayscale also mentioned that it may apply to the court if necessary for the fund to start trading.

The SEC had approved the Grayscale Digital Large Cap Fund (GDLC) ETF on July 1st. However, within the same week, it halted the ETF's trading, suggesting that further scrutiny was needed on the product. Grayscale argued that this move violated the decision timeline rules set by Congress, stating, "The Commission's internal regulatory rules cannot be used to override a law established by Congress."

According to SEC records, 80% of the GDLC fund consists of Bitcoin. Ethereum ranks second with 11%, while Solana has 2.8%, XRP has 4.8%, and Cardano has a share of 0.8%. The ETF was set to trade under the "GDLC" code on NYSE Arca.