Van Buren Capital General Partner Scott Johnsson unearthed the overlooked detail in a March spot Ethereum ETF filing on Tuesday.
Van Buren Capital General Partner Scott Johnsson unearthed Tuesday an overlooked detail in a March filing, resurfacing the suggestion that the U.S. Securities and Exchange Commission may consider ether a security ahead of expected spot exchange-traded fund denials this month.
“The obvious purpose is to potentially deny on the basis that these spot filings are improperly filed as commodity-based trust shares and do not qualify if they are holding a security,” Johnsson added. Specifically, the rule defines the term “Commodity-Based Trust Shares” as a security " that is issued by a trust that holds a specified commodity deposited with the trust, or a specified commodity and, in addition to such specified commodity, cash; that is issued by such trust in a specified aggregate minimum number in return for a deposit of a quantity of the underlying commodity and/or cash; and that, when aggregated in the same specified minimum number, may be redeemed at a holder’s...
Nate Geraci, President of The ETF Store, was not so sure, asking if the SEC deems ether a security, then why did the agency already approve ether futures ETFs. One community member responded that the SEC could say ether is a security “because those ETFs are ‘40 Act funds that can hold commodity or security futures.”
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