Cardano founder Charles Hoskinson has applauded the SEC’s approval of Grayscale’s Digital Large Cap Fund (GDLC) conversion into an ETF.
For context, this Grayscale fund holds ADA, along with other high-caliber crypto assets such as XRP, Ethereum, Solana, and Bitcoin.
The SEC clearance marks the United States’ first multi-asset crypto ETP. Notably, the approval gives traditional investors a regulated way to gain exposure to five major cryptocurrencies without directly buying or storing the tokens.
According to Grayscale’s website, GDLC carries a net asset value of $57.70 per share and currently manages over $915 million in assets.
How the Approval Came
Notably, before this approval, the SEC initially granted Grayscale the green light to convert GDLC into an ETF on July 1. This coincided with the expiration of the 240-day deadline from the October 2024 filing.
However, the very next day, the SEC unexpectedly issued a stay, asking Grayscale to delay the launch for further review.
In response, Grayscale submitted a formal letter challenging the SEC’s authority to halt the product, arguing that the agency had run out of time to act.
Under U.S. securities law, they claimed the ETF was automatically approved, and that internal rules like Rule 431 couldn’t override that statutory deadline.
Grayscale even threatened legal action, but two months later, the SEC ultimately allowed the ETF to launch.
The clearance has since attracted industry-wide commendation from leaders, including Cardano’s founder.
In a tweet, Grayscale CEO Peter Mintzberg thanked the task force for its “unmatched efforts in bringing the regulatory clarity our industry deserves”. He called the GDLC approval a milestone for U.S. crypto finance.
Generic Listing Standards Fast-Track ETF Launches
Notably, the SEC’s approval came alongside the adoption of new standards of listing for crypto ETFs on traditional exchanges such as NYSE Arca, Nasdaq, and Cboe BZX.
These standards streamline the process, allowing eligible digital asset products to secure listing without lengthy, case-by-case reviews. SEC Chair Paul Atkins said the move will “maximize investor choice and foster innovation.”
At the same time, Bloomberg ETF analyst Eric Balchunas noted that when similar standards emerged for other ETFs, launches tripled. This has raised the possibility of over 100 crypto ETFs hitting the market in the next year.
This is such a good point. The last time they implemented a generic listings standards for ETF, launches tripled. Good chance we see north of 100 crypto ETFs launched in the next 12mo. https://t.co/5sxMKL9FEE
— Eric Balchunas (@EricBalchunas) September 17, 2025
With GDLC providing a single vehicle to gain exposure to altcoins alongside Bitcoin, analysts believe the timing could attract retail and institutional investors seeking diversified bets during the next market upswing.
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