Ethereum

Spot

<p><span style="font-weight: 400;">Coinbase urged the Securities and Exchange Commission (SEC) to approve the conversion of Grayscale’s Ethereum Trust into an Ether ETF (exchange-traded fund), arguing that ETH is a commodity, not a security.&nbsp;</span></p>
<p><span style="font-weight: 400;">The SEC itself, the Commodity Futures Trading Commission (CFTC) and the crypto market have all “treated ETH not as a security but a commodity,” said chief legal officer Paul Grewal in a <a href="https://twitter.com/iampaulgrewal/status/1760429424951054495?t=TGa-diABP5ywA79rMRZOcA&amp;s=19" rel="noopener noreferrer nofollow">post</a> on X, referring to a 27-page letter that was submitted to the SEC in support of the conversion.&nbsp;</span></p>
<p><span style="font-weight: 400;">“Our letter lays out what anyone knows who’s paid even the slightest bit of attention to the subject,” he added. </span><span style="font-weight: 400;">“ETH is not a security.”&nbsp;</span></p>
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<p>Whether or not Ether is a security is considered crucial to the chances of the SEC approving spot Ether ETFs. When the regulator approved spot Bitcoin ETFs last month, chair Gary Gensler made it clear that the approval was restricted to an ETF ”holding one non-security commodity, bitcoin.”</p>
<p>He added that the approval “should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.” Gensler has stated previously that all cryptocurrencies except Bitcoin are securities.</p>
<h2 id="span-style-font-weight-400-coinbase-says-eth-resilient-to-fraud-span"><span style="font-weight: 400;">Coinbase Says ETH ”Resilient To Fraud”&nbsp;&nbsp;</span></h2>
<p><span style="font-weight: 400;">The Coinbase letter came in response to the SEC’s request for comment on the proposal to convert the Grayscale </span><a href="https://insidebitcoins.com/news/ethereum-price-prediction-eth-soars-18-in-february-on-optimism-for-ethereum-dencun-upgrade-and-eth-etfs-but-analysts-say-this-ico-might-be-the-best-crypto-to-buy-now" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Ethereum</span></a><span style="font-weight: 400;"> Trust into a spot Ether ETF. It also </span><span style="font-weight: 400;">addressed the SEC’s concerns over the potential market manipulation of crypto ETFs.&nbsp;</span></p>
<p>“ETH’s market depth, tightness of spreads, and price correlation across spot markets are highly indicative of a market resilient to fraud and manipulation,” said the letter. “The technological and operational security mechanisms inherent in Ethereum’s blockchain significantly limit ETH’s susceptibility to fraud and manipulation.”</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The economics show that ETH is as resilient as BTC in satisfying the Commission's standard for ETP approvals. 4/6 <a href="https://t.co/wDsnMFGZhL" rel="noopener noreferrer nofollow">pic.twitter.com/wDsnMFGZhL</a></p>
 <p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1760429430034637275?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="span-style-font-weight-400-gensler-has-no-political-incentive-to-approve-a-spot-eth-etf-span"><span style="font-weight: 400;">Gensler Has No Political Incentive To Approve A Spot ETH ETF&nbsp;</span></h2>
<p><span style="font-weight: 400;">Investment bank TD Cowen said in a Jan. 29 note that there is no political incentive for Gensler to </span><a href="https://insidebitcoins.com/news/spot-ethereum-etf-approval-may-be-delayed-until-2026-on-political-call-by-gary-gensler-td-cowen-says" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">approve an Ether ETF</span></a><span style="font-weight: 400;">, and referred to the decision as a “political call.”&nbsp;</span></p>
<p><span style="font-weight: 400;">It predicted that approval of spot </span><a href="https://insidebitcoins.com/news/ethereum-price-prediction-bloomberg-analyst-says-eth-etfs-likely-by-end-may-but-is-this-telegram-casino-presale-the-best-crypto-to-buy-now" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Ethereum ETFs</span></a><span style="font-weight: 400;"> will most likely not happen until late 2025 or early 2026.</span></p>
<p><span style="font-weight: 400;">Wall Street banking giant JPMorgan says there is only a 50% chance that ETFs will be approved by May this year.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">When are we getting a Spot <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ETF? <a href="https://twitter.com/ARKInvest?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ARKInvest</a>’s President and COO Tom Staudt says “soon.”</p>
 <p>Full discussion: <a href="https://t.co/hbeY4TTr4f" rel="noopener noreferrer nofollow">https://t.co/hbeY4TTr4f</a> <a href="https://t.co/gjZghlre4M" rel="noopener noreferrer nofollow">https://t.co/gjZghlre4M</a> <a href="https://t.co/NWNOtldp1T" rel="noopener noreferrer nofollow">pic.twitter.com/NWNOtldp1T</a></p>
 <p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1750005601378213906?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">ARK Invest president and COO Tom Staudt, on the other hand, believes a spot Ether ETF may “soon” receive approval from the SEC.</span></p>
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Coinbase Urges SEC To Approve Conversion Of Grayscale Ethereum Trust Into Spot Ether ETF

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