The U.S. Securities and Exchange Commission (SEC) has given the go-ahead for the country’s first cryptocurrency exchange-traded product (ETP) that includes multiple digital assets. The approval allows Grayscale’s Digital Large Cap Fund (GLDC) to begin trading, offering investors exposure to a basket of leading cryptocurrencies.
The fund will track five major tokens: Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). This milestone comes on the heels of the strong market demand for spot Bitcoin ETFs, which opened the door for broader crypto investment vehicles.
For traditional investors, a multi-asset ETP simplifies the process of entering the crypto market. Instead of directly purchasing coins on exchanges, they can gain diversified exposure through a single regulated product.
The timing of the approval is also notable. Many analysts expect an approaching “altcoin season”—a market phase in which alternative cryptocurrencies tend to outperform Bitcoin. In mid-August, Coinbase research suggested such a shift could begin in September, citing recurring historical trends.
Approval Through New Listing Standards
Grayscale’s ETP was cleared under recently introduced generic listing standards designed to speed up SEC reviews of crypto-based funds on platforms like Nasdaq, NYSE Arca, and Cboe BZX. These standards remove the need for lengthy case-by-case evaluations, paving the way for quicker approvals.
“Grayscale Digital Large Cap Fund $GDLC has just been approved for trading under the Generic Listing Standards,” wrote Grayscale CEO Peter Mintzberg on X, adding that the company is pushing to launch the product as quickly as possible. He emphasized that the fund represents the first-ever U.S. multi-asset crypto ETP, combining exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano.
Mintzberg also thanked the SEC’s Crypto Task Force, crediting the group with helping to provide much-needed clarity for the digital asset sector.
The SEC Crypto Task Force was launched in January under Acting Chair Mark Uyeda and Commissioner Hester Peirce—widely known in the industry as “Crypto Mom.” The group’s creation signaled a shift toward developing clearer regulatory guidelines, contrasting with the more aggressive enforcement style of former Chair Gary Gensler.
During Gensler’s tenure, the SEC pursued legal battles against some of the largest crypto players, including Ripple Labs, Terraform Labs, Binance, Coinbase, and Kraken—cases that collectively cost the sector billions in legal expenses.
With this approval, many in the industry see a turning point in how the SEC approaches digital asset regulation, potentially opening the door for a broader wave of crypto investment products.
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