The SEC's approval of spot Ethereum products left some this past week wondering — is ether a commodity now?
The U.S. Sec urities and Exchange Commission's approval of spot Ethereum products left some this past week wondering: is ether a commodity now? That answer is still unclear.
This comes as the SEC approved 19b-4 forms for eight Ethereum ETFs on Thursday, though issuers would need to have their S-1 registration statements go effective before trading can begin. Legal sources have differing views on whether the SEC's approval of Ethereum ETFs means that anything has changed.
"By designating the S-1 as the registration of choice, what the SEC is saying is that these funds, by definition, do not include assets that have more than 40% of their portfolio in securities," Grewal said.The SEC did not immediately respond to a request for comment. "If ETH is a security, approval would not have been appropriate under these specific exchange rules," Garrison said. Garrison is now a partner at Steptoe LLP.The SEC could still say ether is a security, Coinbase's Grewal and others said.
"They would say, I think, just because I accepted this description of ETH in the ETF process does not mean anything for whether we could later determine it to be a commodity or a security," Ebersole said.
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