The US Financial Industry Regulatory Authority (FINRA) has formally authorized the country's first cryptocurrency-based securities.
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Digital Market Fund (DLC) approved by FINRA
According to a press release confirmed on October 14, the shares of the Grayscale Digital Market Fund (DLC) were approved by the Financial Industry Regulatory Authority (FINRA) this week.
Since the beginning of 2018, Grayscale, the world's largest cryptocurrency asset management company, has been operating DLC.
This investment tool allows institutional clients to obtain the prices of several cryptocurrency assets without the risk and compliance obligations of directly trading these assets.
This approval will initiate a one-year cooling-off period during which DLC shares will not be publicly traded under US securities laws.
The press release added:
“The stock’s public offer will not have a trading volume until the stock is eligible for DTC, but GDLC is expected to qualify for this soon.”
Investors will be able to trade freely traded DLC stocks through their investment accounts in the same way as other unregistered securities.
Grayscale DLC currently includes bitcoin (80%), followed by Ethereum (9.9%). Other minor components include Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP).
Grayscale remains optimistic about the unstable encryption market
Earlier, the grayscale company revealed that the agency's interest in cryptocurrency remained unchanged in the second quarter of this year.
Following the release of the Digital Asset Investment Report in July, executives revealed that although the bullish market phase, which began in April, has ended, institutions are still curious about cryptocurrencies .
Rayhaneh Sharif-Askary, director of grayscale sales and business development, told the news media:
"…there is such a remark in the media, saying when institutional investors will step in and when to start investing, which is interesting because it is ironic."
“We have seen institutional investors have been investing with us and this has been around for a long time.”
As previously reported, market sentiment has generally tended to be the opposite in recent weeks as bitcoin prices have been in trouble. According to industry research, the agency said institutional interest reached its lowest point in September .
A positive decision on another groundbreaking investment tool, the Bitcoin ETF, could spark market sentiment. However, this did not happen because the US regulatory agency (SEC) recently rejected the Bitcoin ETF application.
Note: Established in 2007, the US Financial Industry Regulatory Authority (FINRA) was initiated by the American Securities Dealers Association (NASD America's most influential securities industry self-regulatory organization) and the New York Stock Exchange Regulatory Authority (NYSERegulation, Inc.). Established.