Grayscale’s attempt to bring a new crypto ETF to market has hit a regulatory speed bump after the U.S. Securities and Exchange Commission said it would review a staff decision that cleared the way for the conversion of Grayscale’s Digital Large Cap Fund into an exchange-traded fund.

Ripple has applied for a federal banking license in the United States, signaling its push to expand crypto services under national regulatory oversight.

Coinbase has acquired LiquiFi, a startup that helps crypto projects manage token ownership, vesting schedules and compliance, the companies said Wednesday. 

Top stories in the Crypto Roundup today:

• SEC Puts Grayscale’s Large Cap Fund ETF Uplisting on Hold One Day After Staff Approval
• Ripple Seeks U.S. Bank Charter
• Coinbase Buys Token Platform LiquiFi to Simplify Crypto Cap Tables, Vesting and Compliance

SEC Puts Grayscale’s Large Cap Fund ETF Uplisting on Hold One Day After Staff Approval

Grayscale’s attempt to bring a new crypto ETF to market has hit a regulatory speed bump after the U.S. Securities and Exchange Commission said it would review a staff decision that cleared the way for the conversion of Grayscale’s Digital Large Cap Fund into an exchange-traded fund.

The SEC disclosed the pause in a letter dated July 1, addressed to the New York Stock Exchange. The move automatically stays the earlier approval, pending further action from the Commission. Any commissioner has the power to trigger a review of a staff decision under the SEC’s rules.

The Grayscale Digital Large Cap Fund, known as GDLC, holds around $755 million in assets spread across five cryptocurrencies: bitcoin, ether, XRP, solana and cardano. It’s pegged to the CoinDesk 5 Index, which measures the performance of these leading digital assets.

Ripple Seeks U.S. Bank Charter

Ripple has applied for a federal banking license in the United States, signaling its push to expand crypto services under national regulatory oversight.

The digital asset firm, which is associated with the XRP Ledger and issues the RLUSD stablecoin, filed for a national trust bank charter with the Office of the Comptroller of the Currency (OCC).

Such a license would allow Ripple to offer banking services across state lines and bring its crypto operations under the watch of federal regulators.

“If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique) benchmark for trust in the stablecoin market,” Ripple CEO Brad Garlinghouse wrote in a post on X.

Coinbase Buys Token Platform LiquiFi to Simplify Crypto Cap Tables, Vesting and Compliance

Coinbase has acquired LiquiFi, a startup that helps crypto projects manage token ownership, vesting schedules and compliance, the companies said Wednesday. 

LiquiFi’s platform is already used by crypto teams including Uniswap Foundation, OP Labs, Ethena, Zora and 0x. 

These projects rely on LiquiFi to handle complex tasks like tracking who owns tokens, setting up vesting periods for employees and meeting regulatory requirements.

“Launching a token today is too hard,” said Greg Tusar, Coinbase’s head of institutional products, in a blog post announcing the deal. He said the acquisition will help the exchange work with crypto builders earlier in their process, even before tokens go public.

Over time, Coinbase plans to integrate LiquiFi’s tools into Coinbase Prime, its platform for institutional clients, connecting token management with services like custody, trading and financing.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.