SEC Approves First U.S. Multi-Asset Crypto ETP from Grayscale

The U.S. Securities and Exchange Commission (SEC) has approved the very first multi-asset cryptocurrency Exchange-traded Product (ETP). This will clear the path for Grayscale’s Digital Large Cap Fund (GLDC) to list on U.S. exchanges. This is a historic ruling that marks a big step forward for the crypto industry. It gives investors access to more than just single-asset solutions like spot Bitcoin ETFs.

Grayscale Gets Greenlight for Crypto ETP

Grayscale’s new fund will provide exposure to five of the largest cryptocurrencies by market capitalization: Bitcoin, Ether, XRP, Solana, and Cardano. By bundling several major tokens into one tradable product, GLDC offers traditional investors an easier path into the crypto market without needing to manage individual wallets or exchange accounts.

The timing is interesting. Analysts and investors are looking forward to “altcoin season,” a time when other cryptocurrencies do better than Bitcoin. Coinbase Institutional recently predicted that this kind of cycle would start in September, based on past price trends and changing investor attitudes.

Recently passed generic listing rules made it easier for the SEC to approve crypto-based ETFs and ETPs on exchanges like Nasdaq, NYSE Arca, and Cboe BZX. Unlike earlier applications that required lengthy case-by-case evaluation, the new framework enables faster decisions for products that meet established criteria.

Important Reads: SEC and CFTC Join Forces to Clarify U.S. Crypto Regulations

“Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards,” Grayscale CEO Peter Mintzberg wrote on X. He added that the company is working to bring the product to market “expeditiously,” emphasizing that it will be the first U.S.-listed multi-crypto ETP. Mintzberg also credited the SEC’s recently formed Crypto Task Force for advancing regulatory clarity.

The SEC’s approval highlights a broader shift in regulatory approach. The Crypto Task Force, launched in January under acting SEC Chair Mark Uyeda and Commissioner Hester Peirce, has been tasked with developing clearer frameworks for digital assets. This marks a departure from the enforcement-driven strategy under former Chair Gary Gensler, when the agency pursued high-profile lawsuits against Ripple Labs, Terraform Labs, and exchanges including Coinbase, Binance, and Kraken.

People who follow the business say that the Greyscale permission is both symbolic and useful. It gives regular investors a way to participate in a variety of cryptocurrencies, and it also shows that regulators and the digital asset market are ready to work together in a new way.