SEC Greenlights First US Multi-Asset Crypto ETP from Grayscale

     

New product offers exposure to Bitcoin, Ether, XRP, Solana and Cardano under streamlined SEC rules

The US Securities and Exchange Commission (SEC) has approved the country’s first multi-asset cryptocurrency exchange-traded product (ETP), clearing Grayscale’s Digital Large Cap Fund (GDLC) for listing.

The fund will provide investors with direct exposure to five of the largest digital assets – Bitcoin, Ether, XRP, Solana and Cardano – without the need to purchase tokens individually. The approval, disclosed Wednesday, represents a milestone for the industry and follows the success of US spot Bitcoin ETFs earlier this year.

Market analysts say the move comes at a time when institutional investors are increasingly eyeing broader crypto exposure, with expectations rising for a new altcoin season in the months ahead.

Approved under new SEC generic listing standards

The product was cleared under newly introduced generic listing standards designed to accelerate crypto ETF and ETP approvals across major US exchanges, including Nasdaq, NYSE Arca and Cboe BZX.

“Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards,” Grayscale CEO Peter Mintzberg confirmed in a Thursday post on X, adding the firm is working quickly to launch.

Mintzberg also thanked the SEC’s Crypto Task Force, formed in January to build clearer regulatory frameworks for digital assets, calling the approval “a turning point for our industry.”

Industry sees shift in SEC’s approach

The SEC’s approval is being seen as a departure from its prior enforcement-heavy strategy under former Chair Gary Gensler, when the agency filed high-profile lawsuits against Ripple Labs, Terraform Labs, Binance, Coinbase and Kraken.

With the new task force pushing for clarity instead of confrontation, industry leaders believe more crypto ETFs and ETPs could reach the market sooner – potentially accelerating mainstream adoption of digital assets.