Grayscale ETF Tracking XRP, Solana and Cardano to Hit Wall Street After SEC Pause

Core Viewpoint - Grayscale's Digital Large Cap Fund (GDLC), which tracks major cryptocurrencies including XRP, Solana, and Cardano, has received SEC approval for listing on the New York Stock Exchange, marking a significant development in the crypto ETF landscape [1][2]. Group 1: Fund Details - GDLC is designed to track the five largest and most liquid digital assets, with Bitcoin comprising 72% of the fund's weighting, Ethereum at 17%, and XRP, Solana, and Cardano at 5.6%, 4%, and 1% respectively [3]. - The fund is set to begin trading on Friday following the SEC's approval [2]. Group 2: Regulatory Context - The SEC's approval comes after a period of regulatory uncertainty, including an indefinite pause in July, and indicates a shift towards more favorable conditions for crypto ETFs [2][6]. - The SEC has established new generic listing standards for commodity-based products, which could facilitate the launch of additional crypto ETFs in the future [2][6]. Group 3: Industry Impact - Grayscale's CEO expressed gratitude towards the SEC for their efforts in providing regulatory clarity, highlighting the importance of this approval for the crypto industry [4]. - The approval of GDLC follows a legal victory for Grayscale against the SEC, which previously rejected several applications for converting their Bitcoin fund into an ETF [6][7].