Grayscale Investments continues to innovate in the digital asset space, despite SEC Chair Gary Gensler’s stance that most cryptocurrencies classify as securities. The firm recently launched two standalone crypto trusts. These new products offer investors exposure to the Bitcoin layer-2 network Stacks (STX) and the alternative blockchain Near Protocol (NEAR).
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, attributes these launches to the increasing demand for diverse crypto investment options. She notes that the unique solutions provided by Stacks and Near address blockchain scalability issues, which could boost wider adoption.
In addition to these trusts, Grayscale is pushing to convert its GBTC product into a spot Ethereum (ETH) ETF. Recent days have seen improved odds for U.S. SEC approval of this application. The investment community remains hopeful, buoyed by several amended filings and proactive adaptations by issuers.
SEC’s Role in Crypto ETF Approval
Bloomberg’s Eric Balchunas points out that the SEC’s recent actions suggest a readiness to entertain spot Ether ETFs. This development comes despite ongoing political pressures. The classification of ETH by the commission continues to stir debate. To enhance their chances, issuers have excised all staking language from their filings, though a 25% chance of rejection looms.
With the SEC set to make a final decision on two significant bids by week’s end, the crypto market watches closely. Meanwhile, Gary Gensler reaffirms his view that the majority of cryptocurrencies are securities, emphasizing the need for regulatory oversight.