The Securities and Exchange Commission (SEC) is not expected to approve a Bitcoin ETF in the United States in 2019, as

. However, Grayscale Investments has received the approval for a publicly listed security from the Financial Industry Regulatory Authority (FINRA), which derives its value from a portfolio of cryptocurrencies. FINRA is a U.S. regulatory authority responsible for the supervision of the securities industry.

Grayscale will thus launch the first publicly tradable cryptocurrency security in the US. As the company announced in a

yesterday, FINRA has given the green light this week for the shares of Grayscale’s Digital Large Cap Fund (DLC), which will be traded under the symbol GDLCF on over-the-counter (OTC) markets.

The New York-based company describes the security this way:

The fund is therefore similar to an ETF where investors can invest in cryptocurrencies through a diversified and market capitalisation-weighted portfolio. As of 30 September 2019, the security is composed of 80.3% Bitcoin (BTC), 9.9% Ethereum (ETH), 5.8% XRP, 2.2% Bitcoin Cash (BCH) and 1.8% Litecoin (LTC). Moreover, as of 30 September 2019, each share represented: 0.00049043

, 0.0028352525

, 1.13609958

, 0.00049348 Bitcoin Cash (BCH) and 0.00160253 Litecoin (LTC).The composition is evaluated and changed on a quarterly basis.

Grayscale has been offering DLC accredited investors a private placement since February 2018. As of September 30, 2019, there were 3,194,900 shares outstanding according to the press release.

The FINRA approval is a further step and means further recognition for the maturity of the crypto market. However, the approval should not be overrated and should not be considered as a positive sign for the approval of a

. The Grayscale DLC is not registered with the Securities and Exchange Commission and is therefore not subject to the more stringent SEC requirements required by U.S. securities laws.

In the press release, Grayscale stated that the shares are DTC-capable, which Grayscale claims it expects to see soon:

平台 : crypto_news

作者 : Jake Simmons

原文发布时间 : June 6, 2020

原文链接 : https://www.crypto-news-flash.com/grayscale-receives-approval-for-the-first-public-cryptocurrency-based-security/