The past week was remarkable for the crypto community as the SEC finally approved the conversion of Grayscale’s GDLC Trust into an exchange-traded fund (ETF). This product contains a basket of cryptocurrencies, including Cardano’s native token, ADA. This conversion of a crypto-trust into an ETF has stimulated investors, driving their enthusiasm up and reignited social media discussions about the future scale of crypto adoption once mainstream financial products with multiple coin-baskets begin to launch.
Besides, Cardano’s founder, Charles Hoskinson, made a bold statement, promising that his blockchain, an Ethereum rival, is going to disrupt the Internet, and nothing less.
This statement sounded quite provocative and yet it seems to fully align with Hoskinson’s long-term vision about the Cardano blockchain, which he founded after helping Vitalik Buterin create Ethereum and having a falling out with him and the rest of the team.
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Grayscale’s GDLC ETF makes debut; Hoskinson speaks out
The GDLC ETF debuted on September 19 on NYSE Arca and, surprisingly, it attracted an immense number of traders on the very first day with trading activity surging by nearly $22 million as a total of 381,298 shares changed hands. What differs GDLC from average single-asset ETFs is that it is based on a basket of tokens – Bitcoin, Ethereum, and other large-cap cryptocurrencies, including Cardano’s ADA.
This is likely the major trigger that caught traders’ attention – both institutions and retail investors are now able to gain access to a diversified crypto basket without having to bother with either custody or on-chain management of their crypto investments.
Hoskinson took this launch as a sign of Cardano’s future dominance in the market, boldly promising in his tweet that it is going to “break the Internet.” The GDLC’s ETF approval by the SEC in this case represents more than just another crypto product launching in the market but rather a sign that US financial regulators and Wall Street likely have finally recognized crypto’s firm place among legal assets and in the global financial system in general.
By promising Cardano to disrupt the Internet, he is not only expressing a bullish long-term Cardano view but also sharing that blockchain tokens are able to reshape finance. He believes Cardano is capable of rewiring the way the Internet operates – from identity systems to financial platforms and apps, as well as decentralized governance. In other words, he reckons that Cardano will be the leading platform on which Web3 is going to be based.
Hoskinson visits Washington D.C. to discuss crypto CLARITY Act
However, it is not only market activity that Hoskinson has been busy with recently. The Cardano founder has finally been invited to Washington D.C. where he took part in the CLARITY Act round table along with the Ripple team. They had a serious high-level discussion about establishing clear rules for digital asset categorization and market structures.
His visit to Washington D.C. together with the Ripple team speaks volumes about the ongoing effort by crypto leaders to take part in shaping the regulatory policy rather than simply wait for US lawmakers to create it without proper understanding of the industry.
In Washington, Hoskinson participated in discussions surrounding a bipartisan legislative initiative aimed at establishing clear regulatory and legal frameworks for digital assets in the US. The presence of Hoskinson, Ripple’s CEO Brad Garlinghouse, and other crypto leaders means crypto and blockchain are no longer minor industries begging for survival but fully-fledged members of the new financial landscape being shaped at the moment.
Crypto leaders are now directly engaging with lawmakers, demonstrating that digital assets are becoming increasingly mainstream. This crucial shift started earlier this year, when in March, US president Donald Trump signed executive orders to create a national US crypto stockpile and the Strategic Bitcoin Reserve. Now, the US is one of the largest Bitcoin holders among governments around the world.
Bigger meaning of GDLC success and Hoskinson’s statement
The timing of Grayscale’s new multiple-token ETF launch and the round table in Washington, D.C., seems to be more than just coincidental. For many years, the crypto community has argued that for financial institutions to notice and adopt crypto, regulatory clarity and financial infrastructure would be necessary.
The GDLC ETF, which was approved after months of anticipation, now represents the first stage of crypto succeeding here – not just a single crypto ETF but an exchange-traded fund based on multiple large-cap tokens. Through it, institutions can now allocate funds into multiple cryptocurrencies at once, while the US Congress is simultaneously shaping the long-term path of crypto regulation.
Besides, the daily $22 million trading volume scored by the new ETF shows that liquidity is now coming back into the crypto market. Overall, as blockchain and crypto are getting the green light from lawmakers and regulators, Hoskinson’s statement about Cardano’s plan to break the Internet may sound a lot more solid and promising.
