Grayscale introduces Stacks and Near cryptocurrency trusts in a groundbreaking announcement
Grayscale Investments, despite SEC Chair Gary Gensler’s belief that most cryptocurrencies are securities, continues to launch new investment products in the digital asset space. The company has recently introduced two standalone crypto trusts that offer limited exposure to the Bitcoin layer-2 network, Stacks (STX), and the altcoin blockchain, Near Protocol (NEAR).
According to Grayscale’s head of product and research, Rayhaneh Sharif-Askary, the creation of these trusts is a response to the increasing demand for diversified crypto assets in a rapidly evolving decentralized marketplace. Sharif-Askary believes that Stacks and Near, with their unique solutions to blockchain scalability challenges, have the potential to foster greater adoption.
Meanwhile, Grayscale is also expanding its crypto suite by seeking to list a spot Ethereum (ETH) ETF. This move comes after the successful conversion of its GBTC product from a trust to an exchange-traded fund. Recent developments indicate progress in obtaining approval from the U.S. SEC, with several issuers submitting amended filings in 19b-4 forms. Observers are optimistic about the prospects of an ETH ETF, despite the ongoing debate over the SEC’s classification of ETH as a security.
To increase the chances of approval, issuers have removed all staking language from their filings. However, there is still a 25% chance of rejection. The SEC is expected to make a final decision on two bids by the end of the week. Chair Gary Gensler has consistently maintained that most cryptocurrencies are securities and fall under the jurisdiction of the SEC.
Overall, the crypto industry is eagerly awaiting the SEC’s decision on Ethereum ETFs, with speculation abounding about the potential impact on the market and the future of cryptocurrencies.
