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<ul>
 <li>Coinbase CLO Paul Grewal’s detailed response supports Grayscale Ether Trust.</li>
 <li>An official 27-page letter outlines Coinbase’s case for ETHE approval.</li>
 <li>Coinbase advocates SEC approval for NYSE/Arca’s $ETHE proposal.</li>
</ul>
<p>In a <a href="https://assets.ctfassets.net/c5bd0wqjc7v0/5ffEPeAh1qv8p7BksKFctz/e17307dfe5d692002c6f842807ff4272/Grayscale_Ether_ETP_Application_--_Coinbase_Response_Letter_to_SEC.pdf" target="_blank" rel="noopener noreferrer nofollow">detailed 27-page letter</a> with 96 citations, <a href="https://www.coinbase.com/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>‘s Chief Legal Officer, Paul Grewal, has shared the company’s perspective on the proposed Grayscale Ether Trust ($ETHE) Exchange Traded Product (ETP). The letter encompasses legal, technical, and economic considerations, making a compelling case for approval.</p>
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   <p lang="en" dir="ltr">Today <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@coinbase</a> responded to <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SECGov</a>'s request for comment on the proposed <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Grayscale</a> Ether Trust ($ETHE) ETP. 27 pages and 96 citations that provide the (1) legal, (2) technical, and (3) economic rationale for approval. 1/6</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1760429424951054495?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
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<p>Grewal emphasizes a fundamental point: Ethereum (ETH) is not a security. Drawing on market treatment and regulatory history, both before and after the Merge, he asserts that ETH has consistently been regarded as a <a href="https://cryptonewsland.com/sec-vs-coinbase-ripple-xrp-faces-regulatory-turning-point/" target="_blank" rel="noopener noreferrer nofollow">commodity by the SEC</a>, the CFTC, and the broader market.</p>
<p>Highlighting the strength of Ether’s Proof of Stake (PoS) governance, Grewal points to robust characteristics across ownership concentration, consensus, liquidity, and governance. These factors collectively mitigate risks related to fraud and manipulation, providing a strong foundation for considering ETHE as an ETP.</p>
<p>Economically, the letter asserts that ETH stands on equal footing with Bitcoin (BTC) in meeting the Commission’s standard for ETP approvals. The resilience demonstrated by ETH supports the case for regulatory approval.</p>
<p>Coinbase expresses <a href="https://cryptonewsland.com/coinbase-challenges-sec-with-lawsuit-on-crypto-regulation/" target="_blank" rel="noopener noreferrer nofollow">unwavering commitment</a> to fostering innovation and building a transparent, secure, and inclusive financial ecosystem. The letter underscores the importance of continued dialogue, research, and informed regulatory decisions in the rapidly evolving cryptocurrency landscape.</p>
<p>To delve deeper into Coinbase’s support for the NYSE/Arca proposal and their encouragement for the SEC to approve $ETHE, interested parties are invited to read the full letter and explore the supporting data provided by Coinbase. The comprehensive analysis aims to contribute to an informed decision-making process in the evolving crypto regulatory environment.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
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 <li><a href="https://cryptonewsland.com/coinbase-clo-gears-up-to-testify-for-clear-crypto-rules/" rel="noopener noreferrer nofollow">Coinbase CLO Gears up to Testify for Clear Crypto Rules</a></li>
 <li><a href="https://cryptonewsland.com/coinbase-legal-sec-had-no-reason-to-deny-grayscales-btc-etf/" rel="noopener noreferrer nofollow">Coinbase Legal: SEC Had No Reason To Deny Grayscale’s BTC ETF</a></li>
 <li><a href="https://cryptonewsland.com/coinbase-urges-authorities-to-refocus-their-legal-efforts/" rel="noopener noreferrer nofollow">Coinbase Urges Authorities To Refocus Their Legal Efforts</a></li>
 <li><a href="https://cryptonewsland.com/grayscales-filecoin-trust-uncharted-waters-as-sec-challenges-crypto-framework/" rel="noopener noreferrer nofollow">Grayscale’s Filecoin Trust: Uncharted Waters as SEC Challenges Crypto Framework</a></li>
 <li><a href="https://cryptonewsland.com/class-action-lawsuit-filed-against-logan-paul/" rel="noopener noreferrer nofollow">Class Action Lawsuit Filed Against Logan Paul</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/coinbase-responds-to-sec-on-grayscale-ether-trust-approval/" rel="noopener noreferrer nofollow">Coinbase Responds to SEC on Grayscale Ether Trust Approval</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Coinbase Responds to SEC on Grayscale Ether Trust Approval

Crypto News Land

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