Ethereum

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/coinbase-supports-grayscales-push-for-ethereum-etf-conversion" rel="noopener noreferrer nofollow">Coinbase Supports Grayscale’s Push for Ethereum ETF Conversion</a><br></p>
<p style="text-align: justify">Coinbase, a major US cryptocurrency exchange, has publicly supported Grayscale’s bid to transform its Ethereum Trust into a product that can be traded on spot exchanges. Their legal officer, Paul Grewal, submitted a comprehensive document to the Securities and Exchange Commission (SEC) on February 22, outlining legal, technical, and financial arguments favoring an Ethereum ETF.</p>
<h2 id="ethereum-s-commodity-status">Ethereum’s Commodity Status</h2>
<p style="text-align: justify">Coinbase presented five key points, with the central claim being that Ethereum should be classified as a commodity, contrary to a security. This perspective is supported by Ethereum futures’ approval by the Commodity Futures Trading Commission (CFTC), past comments from SEC officials, and existing court decisions. Coinbase emphasized the consistent treatment of Ethereum as a commodity in regulatory and market practices.</p>
<p style="text-align: justify">Another argument highlighted the SEC’s previous approval for <a href="https://en.bitcoinhaber.net/record-breaking-bitcoin-transaction-volume-in-january-2024" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs, suggesting that the rationale behind those approvals should equally apply to Ethereum ETFs. Coinbase pointed to Ethereum’s extensive trading volume, liquidity, and narrow bid-ask spreads as evidence of a mature and efficient market.</p>
<h2 id="arguments-for-ethereum-etf-approval">Arguments for Ethereum ETF Approval</h2>
<p style="text-align: justify">The exchange drew parallels between existing Ethereum futures ETFs and proposed spot-based ETFs, arguing that the SEC’s approval should not differentiate arbitrarily given their correlated performance. They also mentioned Ethereum’s blockchain security features, which deter fraud and manipulation, thereby bolstering the case for an ETF.</p>
<p style="text-align: justify">Coinbase further explained that market depth, transaction tightness, and uniform pricing across various platforms demonstrate market robustness. They also pointed to their advanced market surveillance tools and collaboration with the Chicago Mercantile Exchange to further combat fraudulent activity.</p>
<p style="text-align: justify">This advocacy is in response to NYSE Arca’s proposal for SEC’s approval to list Grayscale’s Ethereum Trust (ETHE) as an ETF, with the SEC currently reviewing public opinions before deciding on the matter.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/coinbase-supports-grayscales-push-for-ethereum-etf-conversion" rel="noopener noreferrer nofollow">Coinbase Supports Grayscale’s Push for Ethereum ETF Conversion</a></h5>

Coinbase Supports Grayscale’s Push for Ethereum ETF Conversion

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