The US Securities and Exchange Commission (SEC) has granted approval for the first multi-asset cryptocurrency exchange-traded product (ETP) in the United States, allowing Grayscale’s Digital Large Cap Fund (GLDC) to be listed.
This fund will provide exposure to five of the largest cryptocurrencies globally: Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). The approval, disclosed in a filing on Wednesday, represents a significant step for the digital asset sector and follows the success of US spot Bitcoin exchange-traded funds (ETFs).
A multi-asset crypto ETP simplifies access for traditional investors, allowing them to gain exposure to multiple cryptocurrencies without needing to set up accounts on exchanges or buy the tokens directly.
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The filing comes as investor anticipation builds for an altcoin season, a phase during each bull market when altcoins tend to outperform Bitcoin.
“Current market conditions suggest a potential transition to a full-scale altcoin season as we near September,” remarked David Duong, Coinbase Institutional’s global head of research, in a monthly outlook report.
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Grayscale crypto ETP launched under new SEC generic listing standards
The SEC approved Grayscale’s product based on new generic listing standards designed to accelerate reviews for spot crypto ETFs on platforms like Nasdaq, NYSE Arca, and Cboe BZX. This decision allows for quicker approvals by not requiring individual assessments for each application.
“Grayscale Digital Large Cap Fund $GDLC has been approved for trading alongside the Generic Listing Standards,” stated Grayscale CEO Peter Mintzberg in a Thursday X post, adding that the team is dedicated to quickly launching the product.
“The Grayscale team is working quickly to introduce the *FIRST* multi #crypto asset ETP featuring Bitcoin, Ethereum, XRP, Solana, and Cardano.”
Mintzberg also expressed gratitude to the SEC Crypto Task Force for their “unmatched efforts in delivering the regulatory clarity our industry needs.”
The SEC Crypto Task Force was created on January 21 by acting SEC Chair Mark Uyeda to establish a clear regulatory framework for crypto assets, overseen by Commissioner Hester Peirce, often dubbed “Crypto Mom,” as reported by Cointelegraph.
Observers noted this task force’s formation as a notable shift from the SEC’s previous enforcement-driven strategy towards the crypto sector under former Chair Gary Gensler.
During Gensler’s tenure, the SEC pursued legal actions against several prominent industry players, including Ripple Labs in 2020, Terraform Labs in 2022, and cryptocurrency exchanges Binance, Coinbase, and Kraken in 2023, costing the sector billions in legal fees.
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