Grayscale Investments Launches New Crypto Trusts Despite SEC Chair’s Views

Grayscale Investments Defies SEC Chair’s Stance on Cryptocurrencies, Launches New Investment Products

Despite SEC Chair Gary Gensler’s assertion that most cryptocurrencies are securities, Grayscale Investments is forging ahead with the launch of new digital asset investment products. The investment firm has introduced two new standalone crypto trusts, offering limited exposure to the Bitcoin layer-2 network Stacks (STX) and altcoin blockchain Near Protocol (NEAR).

In a press statement released on Thursday, Grayscale’s head of product and research, Rayhaneh Sharif-Askary, emphasized that the creation of these trusts is a response to the increasing demand for diversified crypto-asset vehicles in a rapidly evolving decentralized marketplace. Sharif-Askary believes that by addressing blockchain’s scalability challenges, Stacks and Near are well-positioned to drive greater adoption of cryptocurrencies.

Meanwhile, Grayscale is also making moves to expand its crypto suite by pursuing the listing of a spot Ethereum (ETH) ETF. The firm recently converted its GBTC product from a trust to an exchange-traded fund, and the odds of SEC approval for the spot Ethereum ETF application have improved in recent days. Observers are optimistic about the application’s success, despite lingering concerns about the SEC’s classification of ETH as a security.

While the SEC’s Chair Gensler continues to assert that most cryptocurrencies are securities and fall under the agency’s jurisdiction, Grayscale and other issuers are pushing forward with their plans to offer innovative crypto investment products. The final decision on the spot Ethereum ETF applications is expected to be announced soon, with stakeholders eagerly awaiting the outcome.

Grayscale’s bold moves in the crypto investment space demonstrate the firm’s commitment to providing investors with diverse and innovative opportunities in the rapidly evolving digital asset market. As the debate over the classification of cryptocurrencies continues, Grayscale remains at the forefront of offering new and exciting investment options for those looking to enter the crypto space.