Despite SEC Chair Gary Gensler’s belief that most cryptocurrencies are securities, Grayscale Investments continues to introduce new digital asset investment products.
Grayscale has launched two new standalone crypto trusts, offering exposure to the Bitcoin layer-2 network Stacks (STX) and the altcoin blockchain Near Protocol (NEAR).
In a press statement on Thursday, Grayscale’s head of product and research, Rayhaneh Sharif-Askary, explained that these trusts were created in response to the increasing demand for diversified crypto-asset investment options in a rapidly evolving decentralized marketplace.
“By creating unique solutions to address blockchain’s scalability challenges, Stacks and Near are poised to help foster greater adoption,” said Sharif-Askary.
Grayscale’s Spot Ethereum ETF Play
At the same time, Grayscale is broadening its crypto offerings and pursuing the listing of a spot Ethereum (ETH) ETF. This follows the successful conversion of its GBTC product from a trust to an exchange-traded fund.
The odds of the U.S. SEC approving this application have improved recently, and there is growing optimism about its success. Several prospective issuers have submitted amended filings in 19b-4 forms.
Bloomberg’s Eric Balchunas pointed out that recent developments suggest progress with spot Ether ETFs and a willingness from the SEC to consider these products, despite political challenges. However, the SEC’s classification of ETH remains a contentious issue.
Due to this, issuers have removed all staking language from their filings, and there is still a 25% chance of rejection. The SEC is expected to deliver its final decision on two bids before the end of the week. Meanwhile, Chair Gary Gensler reiterated that most cryptocurrencies are securities and should be regulated by his agency.
Summary Review: Grayscale Investments continues to expand its range of digital asset investment products, despite regulatory uncertainties. The introduction of trusts for Stacks and Near highlights the firm’s commitment to addressing blockchain scalability and fostering wider adoption. Additionally, Grayscale’s pursuit of a spot Ethereum ETF, amidst cautious optimism and regulatory scrutiny, underscores the ongoing evolution and challenges in the crypto investment landscape. The upcoming SEC decision will be crucial in determining the future of such investment products and their regulatory environment.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
