From Gensler’s Crackdowns to “Crypto Mom’s” Green Light
Key Highlights
• SEC greenlights Grayscale’s Digital Large Cap Fund, first multi-asset crypto ETP in the US, covering BTC, ETH, XRP, SOL, and ADA.
• Generic listing standards slash red tape, opening the floodgates for future crypto ETFs across Nasdaq, CBOE, and NYSE Arca.
Paradisers! Not long ago, the SEC under Gary Gensler treated crypto like a contagious disease, suing exchanges and devouring billions in legal fees. Now, with new leadership and its Crypto Task Force steering policy, the Commission has executed a whiplash-inducing pivot: it just approved generic listing standards for crypto ETFs.
This isn’t some cautious pilot program. It’s a sweeping framework that lets exchanges like Nasdaq and NYSE Arca list crypto ETFs without begging for individual permission slips. Think of it as moving from TSA pat-downs to an express boarding lane, suddenly the gates are wide open.
Grayscale Gets the First Ticket
The first beneficiary is Grayscale’s Digital Large Cap Fund (GLDC), now cleared to list with exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano. This makes GLDC the first true multi-asset crypto ETP available in the US. For traditional investors, it’s an “altcoin sampler platter”, all the upside of diversification without touching a crypto exchange.
Why This Is Both Groundbreaking and Dangerous
Generic listing standards mean issuers can design ETFs as long as they check the commodity box. That reclassification push, already tagging assets like XRP, could bring DOGE, SOL, and others to ETFs sooner than most imagined. It’s the bureaucratic equivalent of unbolting the casino doors and telling retail investors to try their luck at a hundred new tables.
The last time altcoin ETFs were whispered about, Coinbase predicted a “full-scale altcoin season.” With generic approvals in place, that season might not whisper, it could roar. And markets aren’t known for handling roars gently.
MCP Final Word
We will unpack the effect of this in our coming streams. MCP News Private will be tracking the fallout, from ETF inflows to altcoin volatility spikes. $3/month, less than a parking ticket, and you’ll be ahead of the crowd when the next product hits.
