United States of America: Securities and Exchange Commission implemented order on amendments to NYSE Arca Rule 8.500-E (Trust Units) and listing of Grayscale Digital Large Cap Fund shares

On 17 September 2025, the Securities and Exchange Commission (SEC) set aside the earlier approval issued on 1 July 2025 by the Division of Trading and Markets acting under delegated authority, and implemented a final order approving, as modified by Amendment No. 1, a rule change by NYSE Arcac. The change amended NYSE Arca Rule 8.500-E (Trust Units) and implemented the listing and trading of shares of the Grayscale Digital Large Cap Fund. The amendments expanded the definition of Trust Units to include issuance by limited liability companies, clarified that they may be commodity pools if relevant, and allowed them to be based on assets represented by an index or portfolio, with corresponding governance and disclosure updates in NYSE Arca Rules 8.500-E and 5.3-E. The SEC found the changes consistent with Section 6(b)(5) of the Securities Exchange Act of 1934. The Fund, a Cayman Islands limited liability company, tracks the CoinDesk 5 Index, requires at least 85 percent of holdings in approved exchange-traded product components such as bitcoin and ether, and limits non-approved assets to 15 percent.