RATE Group | Grayscale Wins First US Approval For Cryptocurrency-Based Security
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Grayscale Wins First US Approval For Cryptocurrency-Based Security

15 Oct Grayscale Wins First US Approval For Cryptocurrency-Based Security

Posted at 09:58h in Cryptocurrency News by

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A pivotal US self-regulatory organization has formally licensed the country’s first public security based on cryptocurrency markets.

Large Cap Fund Gets FINRA Say-So

Shares of Grayscale’s Digital Large Cap Fund (DLC) received the green light from the Financial Industry Regulatory Authority (FINRA) this week, a press release confirmed on October 14.

Grayscale, currently the world’s largest cryptocurrency asset manager, has operated the DLC since the beginning of 2018. 

The investment vehicle allows institutional clients to gain access to the price of several cryptocurrency assets without taking on the risk and compliance obligations of trading them direct. 

The approval sets off a one-year cooling off period during which, under US securities law, the DLC shares will not be publicly tradable.

“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which GDLC is expected to receive soon,” the press release added. 

Investors…

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