The US Securities and Exchange Commission (SEC) has just approved Grayscale Digital Large Cap Fund (GDLC), the first multi-asset crypto exchange-traded fund (ETP) on the market.
Grayscale CEO Peter Mintzberg announced on X that the GDLC will provide access to five cryptocurrencies including bitcoin , ether , XRP, Solana , and Cardano. He thanked the SEC Crypto Task Force for providing the regulatory clarity the industry needed.
Previously in July, the SEC postponed the decision to convert GDLC from an OTC fund to an ETP listed on the NYSE Arca for further XEM . According to the Grayscale website, GDLC currently has a net asset value of $57.70 per share, with total assets under management of more than $915 million.
Notably, on the same day, the SEC also approved a set of common listing standards for crypto ETFs under the “fast track procedure”. SEC Chairman Paul Atkins said this would increase investor choice, promote innovation and reduce barriers to accessing digital asset products in the US Capital market.
Experts say the new rules could speed up approval times for dozens of other crypto ETFs, including those tracking XRP, SOL , and Doge. “The last time the SEC adopted a common listing standard for ETFs, the number of funds launched tripled,” said Eric Balchunas, senior ETF analyst at Bloomberg. “We’re likely to see more than 100 crypto ETFs launch in the next 12 months.”
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