SEC approves Grayscale's multi-crypto fund with XRP, SOL and ADA

The U.S. Securities and Exchange Commission has approved Grayscale's multi-crypto asset exchange-traded product, amid the agency's broader effort to fast-track approvals for crypto funds.

On Wednesday, Grayscale CEO Peter Mintzberg announced on social media platform X that the SEC had just given the green light for its Grayscale Digital Large Cap Fund (GDLC). 

Mintsberg said in his post that GDLC would become the first multi crypto asset ETP on the market. The fund provides exposure to five cryptocurrencies — bitcoin, ether, XRP, Solana and Cardano. 

"Thank you to the SEC Crypto Task Force for their continued, unmatched efforts in bringing the regulatory clarity our industry deserves," Mintzberg wrote in the post.

In July, the SEC had delayed its decision on Grayscale's attempt to convert GDLC, an over-the-counter fund, into a tradable ETP on NYSE Arca, as the agency sought to further review the application.

According to Grayscale's official website, the fund has a net asset value of $57.7 per share, and over $915 million worth of assets under management.

Updated listing standards

Wednesday's approval of GDLC coincided with a significant regulatory development for crypto ETF issuers: the SEC approved , on an "accelerated basis," generic listing standards for crypto ETFs. 

"This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America's trusted capital markets," said SEC Chair Paul Atkins in a statement.

This development could lead to a faster approval process for dozens of crypto ETFs, some of which track cryptocurrencies like XRP, SOL and DOGE.

"The last time they implemented a generic listings standards for ETF, launches tripled," Bloomberg Senior ETF Analyst Eric Balchunas said on X. "Good chance we see north of 100 crypto ETFs launched in the next 12mo."