According to Foresight News, Nate Geraci, President of The ETF Store, has indicated via social media that the U.S. Securities and Exchange Commission (SEC) is approaching the final approval deadline for the Grayscale Digital Large Cap ETF (GDLC) this week. The fund includes holdings in Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), with a high likelihood of approval.
Geraci suggests that if the GDLC is approved, it could pave the way for subsequent approvals of spot ETFs focused on individual assets such as XRP, SOL, and ADA. Approval of the GDLC would also serve as a beneficial trial for incorporating more cryptocurrency assets into the ETF framework.
Currently, XRP, SOL, and ADA collectively represent less than 10% of GDLC's holdings, offering regulators a gradual approach to engaging with other digital assets. This development could mark a significant step in the SEC's strategy to expand its oversight and integration of cryptocurrencies into traditional financial products.
