Despite SEC Chair Gary Gensler’s assertion that most cryptocurrencies qualify as securities, Grayscale Investments continues to expand its portfolio of digital asset investment products. The company has introduced two new standalone crypto trusts that offer exposure to the Bitcoin layer-2 network Stacks (STX) and the altcoin blockchain Near Protocol (NEAR).
In a press release on Thursday, Rayhaneh Sharif-Askary, Grayscale’s head of product and research, highlighted that the launch of these trusts is a response to the increasing demand for diversified crypto-asset investment options in a rapidly evolving decentralized marketplace. “By creating distinctive solutions to address blockchain’s scalability challenges, Stacks and Near are poised to help foster greater adoption,” Sharif-Askary stated.
Grayscale’s Spot Ethereum ETF Initiative
Simultaneously, Grayscale is broadening its cryptocurrency offerings while actively pursuing the listing of a spot Ethereum (ETH) ETF. This follows the successful transition of its GBTC product from a trust to an exchange-traded fund.
The chances of the U.S. SEC approving Grayscale’s spot Ethereum ETF application have improved recently, with optimism growing among industry observers. Several potential issuers have submitted updated filings in 19b-4 forms, reflecting this momentum.
Bloomberg analyst Eric Balchunas pointed out that recent developments suggest progress in the acceptance of spot Ether ETFs, indicating a possible shift in the SEC’s stance despite ongoing regulatory challenges. However, the classification of ETH by the SEC remains contentious.
To navigate this uncertainty, issuers have removed all references to staking from their filings. Despite these adjustments, there is still a 25% chance of rejection. The SEC is expected to deliver its final decision on two key applications by the end of the week. Meanwhile, Chair Gary Gensler reiterated his position that most cryptocurrencies should be classified as securities and regulated by his agency.
Conclusion
Grayscale’s launch of the Stacks and Near Protocol trusts reflects the company’s commitment to expanding its range of investment products despite regulatory hurdles. At the same time, Grayscale’s efforts to list a spot Ethereum ETF highlight the ongoing tensions and complexities within the cryptocurrency regulatory landscape, as the industry eagerly awaits the SEC’s forthcoming decisions.
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