Ethereum

<ul><li>Coinbase has submitted a 27-page letter to the SEC supporting Grayscale&#39;s Ether ETP proposal.</li><li>The submission compared the approval of Bitcoin ETPs with the proposed Ethereum ETP, highlighting Ethereum&#39;s market maturity, liquidity, and security as crucial factors.</li><li>S&amp;P Global and JPMorgan also raised concerns over potential concentration risks within the Ethereum network due to the introduction of staking options in spot Ethereum ETFs.</li></ul>Coinbase, the United States-based cryptocurrency exchange, has recently expressed its support for Grayscale&#39;s proposal to convert its Ethereum Trust into a spot Ether exchange-traded product (ETP). This backing came in the form of a detailed <a href="https://assets.ctfassets.net/c5bd0wqjc7v0/5ffEPeAh1qv8p7BksKFctz/e17307dfe5d692002c6f842807ff4272/Grayscale_Ether_ETP_Application_--_Coinbase_Response_Letter_to_SEC.pdf" rel="noopener noreferrer nofollow">27-page letter</a> to the Securities and Exchange Commission (SEC) from Paul Grewal, Coinbase&#39;s Chief Legal Officer, submitted on February 22.In its submission, Coinbase laid out a comprehensive case for the approval of an Ether-based ETP, emphasizing Ethereum&#39;s classification as a commodity. This argument is anchored in the approval of ETH futures by the Commodity Futures Trading Commission (CFTC), alongside statements from SEC officials and various <a href="https://www.courtlistener.com/docket/63213270/90/risley-v-universal-navigation-inc/" rel="noopener noreferrer nofollow">court rulings</a>. Importantly, the SEC has <a href="https://cryptotale.org/cftcs-defi-report-urges-regulatory-clarity-for-crypto-landscape/" rel="noopener noreferrer nofollow">not contested</a> the CFTC’s treatment of ETH as a commodity, a point Coinbase uses to bolster its position.The letter is built around five key arguments, with a notable focus on asserting Ethereum&#39;s status as a commodity. The stance on Ethereum&#39;s classification as a commodity finds support in the regulatory framework and the <a href="https://cryptotale.org/ethereum-etf-countdown-market-awaits-transformative-approval-in-100-days/" rel="noopener noreferrer nofollow">market&#39;s treatment of ETH</a>. This perspective is reinforced by comments from Paul Grewal, who points to Ethereum&#39;s governance model as a foundational element.<a href="https://cryptotale.org/coinbase-backs-grayscales-ether-etp-proposal-in-sec-submission/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

Coinbase Backs Grayscale's Ether ETP Proposal in SEC Submission

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