Two weeks after Grayscale submitted its application to convert the Grayscale Digital Large Cap Fund (GDLC) into an ETF, the Securities and Exchange Commission (SEC) confirmed the filing.

Grayscale now faces a wait of several more months for feedback from the SEC.

Grayscale Nears Launch of Multi-Asset Crypto ETF

On October 29, the SEC acknowledged the application to convert the Digital Large Cap Fund (GDLC) into an ETF. The GDLC manages assets like Solana and XRP, which the SEC classifies as securities.

This confirmation brings Grayscale closer to launching the first multi-asset crypto ETF. According to the SEC, a decision on the application will come within 45 to 90 days.

Meanwhile, the US will determine its new president in less than a week. A Trump victory could lead to significant changes, including the potential replacement of SEC Chairman Gary Gensler. Industry experts believe that if Trump wins, altcoin-related ETFs could receive approval more easily.

“Trump winning makes the path to a SOL ETF much easier and perhaps a more friendly SEC that doesn’t classify everything a security,” Mert, CEO of Helius Lab, commented.

Two weeks ago, when Grayscale filed the application to convert GDLC into an ETF, the fund traded at a significant discount of over 30%. This discount has now narrowed to 17%. The narrowing discount indicates investor optimism about the potential approval of the GDLC ETF.

As reported by BeInCrypto, on October 15, Grayscale filed a Form 19b-4 with the SEC, requesting the conversion of the Grayscale Digital Large Cap Fund (GDLC) into a new ETF.

The Grayscale Digital Large Cap Fund (GDLC) allows investors to gain exposure to leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX). Bitcoin and Ethereum make up 94% of the fund, which currently manages over $558 million in assets.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

Additionally, VanEck, 21Shares, and Canary Capital have filed several applications to list other spot ETFs related to assets such as Solana, XRP, and Litecoin.