The United States Securities and Exchange Commission (SEC) has given the green light to the very first exchange-traded product (ETP) in the country that includes multiple cryptocurrencies. This clears the way for Grayscale’s Digital Large Cap Fund (GLDC) to be listed on exchanges.
<p>The fund will provide investors with access to a basket of five major digital currencies: Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>), XRP (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>), Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>), and Cardano (<a href="https://cointelegraph.com/ada-price-index">ADA</a>). The <a href="https://www.sec.gov/files/rules/sro/nysearca/2025/34-103996.pdf" rel="nofollow noopener" target="_blank" title="https://www.sec.gov/files/rules/sro/nysearca/2025/34-103996.pdf">announcement</a>, made public on Wednesday, represents a significant step forward for the digital asset space, particularly following the success of the previously launched spot Bitcoin exchange-traded funds (ETFs) in the US.</p>
<p>A multi-asset cryptocurrency ETP offers a more convenient method for traditional investors to participate in the cryptocurrency market. It removes the complexity of managing individual exchange accounts or directly purchasing various tokens.</p>
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<em>Source: </em><a data-ct-non-breakable="null" href="https://sec.gov" rel="http://sec.gov" target="http://sec.gov" title="http://sec.gov"><em>sec.gov</em></a>
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<p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/whale-12-years-transfers-1-000-btc-fomc" title="null"><em><strong>After 12 Years, Bitcoin Whale Moves 1,000 BTC Ahead of US Federal Reserve Meeting</strong></em></a></p>
<p>This approval coincides with increasing expectations among investors for what is known as an "altcoin season." This is a period observed in previous bull markets where alternative cryptocurrencies show stronger price gains than Bitcoin.</p>
<p><a href="https://cointelegraph.com/news/current-market-conditions-suggest-shift-towards-a-full-scale-altseason-coinbase" rel="" target="_self" title="https://cointelegraph.com/news/current-market-conditions-suggest-shift-towards-a-full-scale-altseason-coinbase">Coinbase suggested on August 15th</a> that a significant "altcoin season" could begin in September, citing trends identified in historical market data.</p>
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<em>Altcoin open interest dominance ratio has spiked. Source: </em><a data-ct-non-breakable="null" href="https://assets.ctfassets.net/k3n74unfin40/6FbjlGPF5Y7Y335MkNXaWP/b8d3b66620518033b31cdf41376e9c2c/Monthly_2025.08.14_August.pdf" rel="https://assets.ctfassets.net/k3n74unfin40/6FbjlGPF5Y7Y335MkNXaWP/b8d3b66620518033b31cdf41376e9c2c/Monthly_2025.08.14_August.pdf" target="https://assets.ctfassets.net/k3n74unfin40/6FbjlGPF5Y7Y335MkNXaWP/b8d3b66620518033b31cdf41376e9c2c/Monthly_2025.08.14_August.pdf" title="https://assets.ctfassets.net/k3n74unfin40/6FbjlGPF5Y7Y335MkNXaWP/b8d3b66620518033b31cdf41376e9c2c/Monthly_2025.08.14_August.pdf"><em>Coinbase</em></a>
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<p>“We believe current market conditions suggest a potential move toward a full-fledged altcoin season as September approaches," wrote David Duong, Coinbase Institutional’s global research head, in a recent monthly outlook <a data-ct-non-breakable="null" href="https://www.coinbase.com/en-sg/institutional/research-insights/research/monthly-outlook/monthly-outlook-aug-2025" rel="noopener nofollow" target="_blank" title="null">report</a>.</p>
<p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/privacy-constant-battle-blockchain-state" title="null"><em><strong>The Continuous Fight for Privacy: Blockchain and Governmental Control</strong></em></a></p>
<h2>SEC Approves Grayscale's Crypto ETP Utilizing New Listing Standards</h2>
<p>The approval of Grayscale's ETP by the SEC was made possible by new <a href="https://cointelegraph.com/news/sec-approves-generic-etf-listing-standards-clearing-path-for-digital-asset-listings-without-individual-approval" rel="" target="_self" title="https://cointelegraph.com/news/sec-approves-generic-etf-listing-standards-clearing-path-for-digital-asset-listings-without-individual-approval">generic listing standards designed to streamline the review process</a> for spot crypto ETFs on exchanges like Nasdaq, NYSE Arca, and Cboe BZX. These standards eliminate the need for individual assessment of each application, thus speeding up the approval timeline.</p>
<p>“Grayscale Digital Large Cap Fund $GDLC has been approved for trading, thanks to the Generic Listing Standards,” Grayscale CEO Peter Mintzberg announced in a Thursday X <a data-ct-non-breakable="null" href="https://x.com/PeterMintzberg/status/1968455083214983201" rel="noopener nofollow" target="_blank" title="null">post</a>. He also indicated that his team is actively working to launch the product “as quickly as possible."</p>
<blockquote data-ct-non-breakable="undefined">“The Grayscale team is working expeditiously to bring the *FIRST* multi #crypto asset ETP to market with Bitcoin, Ethereum, XRP, Solana, and Cardano.”</blockquote>
<p>Mintzberg also expressed his gratitude to the SEC Crypto Task Force for their "significant efforts in bringing about the regulatory clarity that our industry desperately needs."</p>
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<em>Source: Peter </em><a data-ct-non-breakable="null" href="https://x.com/PeterMintzberg/status/1968455083214983201" rel="https://x.com/PeterMintzberg/status/1968455083214983201" target="https://x.com/PeterMintzberg/status/1968455083214983201" title="https://x.com/PeterMintzberg/status/1968455083214983201"><em>Mintzberg</em></a>
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<p>The SEC <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-crypto-task-force-hester-peirce-trump" title="null">Crypto Task Force</a> was established on January 21 by acting SEC Chair Mark Uyeda. Its purpose is to establish a comprehensive regulatory framework for digital assets under the guidance of Commissioner Hester Peirce, often known as "Crypto Mom," as Cointelegraph reported at the time.</p>
<p>Industry experts viewed the creation of this task force as a significant shift away from the SEC's previously more aggressive enforcement-focused approach to the cryptocurrency industry, which was prominent under former Chair Gary Gensler.</p>
<p>During Gensler's tenure, the SEC initiated lawsuits against numerous prominent companies in the crypto sector, including <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/ripple-vs-sec-how-the-lawsuit-strengthened-xrps-narrative" title="null">filing a suit against Ripple Labs</a> in 2020, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-sues-do-kwon-and-terraform-labs-for-fraud" title="null">Terraform Labs</a> in 2022, and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-sues-binance-in-us-district-court-for-unregistered-securities-operations" title="null">the cryptocurrency exchanges Binance</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-sues-coinbase-crypto-exchange" title="null">Coinbase</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-sues-kraken-for-securities-laws-violations" title="null">Kraken</a> in 2023. These legal battles have cost the industry billions in legal expenses.</p>
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<p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/xrp-price-forecast-crypto-exchange-coinbase-gary-gensler-sec-hodlers-digest/" title="null"><em><strong>Will XRP Reach New Highs? Bitcoin's Next Move Analyzed: Hodler’s Digest, Sept. 7 – 13</strong></em></a></p>
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