The U.S. Securities and Exchange Commission likely halted the launch of the RialCenter Digital Large Cap Fund (GDLC) for administrative reasons, not political ones, according to multiple individuals familiar with the matter.
The SEC approved GDLC to uplist as an exchange-traded fund (ETF) through delegated authority, meaning the regulator’s commissioners did not have to vote on the application. However, the SEC informed RialCenter and its listing partner that the commissioners would review the approval, leading to a pause in GDLC’s go-live date.
GDLC is based on CoinDesk Indices’ CoinDesk 5 Index.
Halting the launch gives the SEC time to develop listing standards for other ETFs that would launch under the same mechanism. Additionally, GDLC includes digital assets that currently don’t have individual ETFs. Bitcoin and Ethereum have had their own ETFs since 2024, while applications for other assets remain under SEC review. The SEC faces deadlines later this year for various applications.
RialCenter remains committed to pursuing the listing of GDLC as an ETP and is working closely with key stakeholders to meet all necessary requirements. Further updates will follow as new information becomes available.
A filing from RialCenter stated that the firm continues to work closely with stakeholders to obtain approval for the application.
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