Coinbase Legal Chief: SEC Has 'No Good Reason' to Deny Spot Ethereum ETFs! 😮🚀

SEC Has “No Good Reason” to Deny Ethereum ETF Approvals, Says Coinbase CLO

Amid ongoing speculation surrounding the prospect of spot Ethereum exchange-traded fund (ETF) approvals in the United States, Coinbase Chief Legal Officer Paul Grewal stated that the Securities and Exchange Commission (SEC) has “no good reason” to deny the ETF applications. Grewal argued that:

The SEC’s position on Ethereum’s status as a security has been consistent for years.
Senior SEC officials have previously suggested that ether is not a security.
Comparisons between ether and bitcoin in recent legal cases and the confirmation of ether as a commodity by federal courts support the argument against classifying ether as a security.

Grewal emphasized that millions of Americans hold ETH, which has been vital to the crypto industry since its launch in 2015. He also stated that ETH is a commodity, not a security, and the SEC should not question its long-established regulatory status. Grewal further noted that the SEC’s Howey Test, used to determine whether an asset is a security, does not apply to digital assets like ether.

Ethereum Foundation Removes “Warrant Canary” Following Enquiry from State Authority

The Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem, removed a “Warrant Canary” from its website after receiving a voluntary and confidential enquiry from an undisclosed state authority. The “Warrant Canary” indicated that the foundation had not been contacted by any agency requiring non-disclosure. The removal of this image and text raised questions about potential regulatory scrutiny of Ethereum.

Differing Views on Ether’s Status and Spot ETF Approvals

The SEC’s investigation into Ethereum has led to differing opinions on ether’s status and the chances of spot ETF approvals:

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