The U.S. Securities and Exchange Commission (SEC) has approved the first multi-asset cryptocurrency exchange-traded product (ETP) in the United States, allowing the Grayscale Digital Large Cap Fund (GLDC) to be listed.
The fund will provide investors with exposure to the top five cryptocurrencies globally, including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). This approval was disclosed in a document on Wednesday, marking a new milestone for the digital asset industry. It also continues the successful experience of the U.S. spot Bitcoin ETF.
The multi-asset cryptocurrency ETP allows traditional investors to conveniently participate in investments across various cryptocurrencies without the need to open accounts on exchanges or directly purchase tokens.
At the same time, market expectations for altcoin performance are heating up. As this document was released, investor anticipation for an "altcoin season" continues to rise. In each bull market, altcoins typically outperform Bitcoin in price performance.
According to Coinbase's prediction, a "full altcoin season" is expected to start in September, citing historical price charts as evidence.
"We believe the current market conditions indicate that as September approaches, the market may shift towards a full altcoin season," wrote David Duong, Global Head of Research at Coinbase Institutional, in the monthly outlook report.
The SEC approved the Grayscale product under new general listing standards aimed at expediting the review process for spot crypto ETFs on exchanges such as Nasdaq, NYSE Arca, and Cboe BZX. This move means that each application does not need to be evaluated individually, significantly improving approval efficiency.
"The Grayscale Digital Large Cap Fund $GDLC has just been approved for trading and is subject to the general listing standards," Grayscale CEO Peter Mintzberg posted on the X platform on Thursday, stating that the team is "accelerating" the product's launch.
Mintzberg also thanked the SEC's crypto task force, praising their "unparalleled efforts to bring the regulatory clarity our industry deserves."
According to Cointelegraph, the SEC's cryptocurrency working group was established by acting chair Mark Uyeda on January 21, led by Commissioner Hester Peirce (often referred to as "Crypto Mom"), to develop a regulatory framework for crypto assets.
Industry insiders believe that the establishment of this working group marks a significant shift in the SEC's regulatory approach from enforcement under former chair Gary Gensler to a more collaborative stance.
Public records show that during Gensler's tenure, the SEC initiated lawsuits against several large companies in the industry, including suing Ripple Labs in 2020, Terraform Labs in 2022, and cryptocurrency exchanges Binance, Coinbase, and Kraken in 2023. These cases have resulted in billions of dollars in legal costs for the industry.
Related: Bitcoin (BTC) options market turns cautious — Professional traders ramp up bullish bets ahead of the Federal Reserve's interest rate decision
Original article: “SEC Approves Grayscale's First U.S. Multi-Asset Crypto ETP”
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