SEC Delays ETF Decisions Amidst Growing Backlog

The SEC has extended its decision deadlines on cryptocurrency exchange-traded fund (ETF) applications, pushing the backlog to over 92 products awaiting rulings. Coinbase will act as custodian and prime broker for Grayscale’s Bitcoin Cash and Litecoin trusts, while BNY Mellon will administer the funds on the NYSE Arca if approved. Grayscale is seeking to convert its existing trust offerings into ETFs after a successful conversion of the Grayscale Bitcoin Trust in 2024.