The US Securities and Exchange Commission (SEC) approved the first multi-asset cryptocurrency exchange-traded product (ETP) in the United States, cleaning the grayscale’s digital large cap fund (GLDC) for the list.
Fund will offer exposure to five of the world’s largest cryptocurrencies: Bitcoin (Btc), Ether (Eth), XRP (XRP), Solana (Sol) and cardano (Ada). The approval, revealed During a filing of Wednesday, a milestone for the digital asset industry was marked and follows the success of the US spot bitcoin exchange-traded funds (ETF).
A multi-asset crypto ETP provides traditional investors an easier way to get exposure to many cryptocurrencies without opening accounts to exchanges or purchases directly on tokens.
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The filing comes amid the growing expectations of the investor for a period of Altcoin, which is a period of time visible to every bull market where the price of the Altcoins outperform outperform price momentum.
On August 15, Coinbase predicted A “Full-Scale Altcoin Season” beginning in September, citing chart patterns in history.
“We think current market conditions today suggest a potential move to an entire Altcoin period as we approach September,” global research leader of Coinbase Institutional, David Duong, write In a monthly perspective report.
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GRASSCALE CRYPTO ETP Approved under new SEC Generic Listing Standards
SEC has approved the Grayscale product under the new GENERIC GOVERNMENT GUIDELINES intended to accelerate reviews For Crypto ETF spots on exchanges such as Nasdaq, Nyse Arca and CBOE BZX.
“The Greatscale Digital Big Cap Fund $ GDLC has only been approved for trading along with the standard listing criteria,” Grayscale CEO, Peter Mintzberg, said on a Thursday X PostAdding that the team is working to launch the product “fast.”
“The Grayscale team works quickly to bring the * first * multi #crypto asset ETP to the market with Bitcoin, Ethereum, XRP, Solana, and Cardano.”
Mintzberg also expressed gratitude to the SEC Crypto Task Force for their “non -equivalent effort in bringing the clarity of the regulation to our industry.”
The Sec Crypto Task Force was established on January 21 by the presence of the SEC Chair Mark Uyeda to produce a clear framework of regulation for crypto possessions under the leadership of Commissioner Hester Peirce, often referred to as the “Mother of Crypto,” Cointelegraph reported on time.
Industry observers have seen the creation of the Task Force as a significant transition from the previous SEC implementation approach to the crypto industry under the leadership of former Chair Gary Gensler.
Under Gensler’s leadership, the SEC began the suits against some of the largest companies in the industry, including the Suing ripple labs In 2020, Terraform labs in 2022 and Cryptocurrency exits Binance, Coinbase and Kraken In 2023. Those cases were worth the billions of industry in legal fees.
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