Whereas it change into acknowledged that Grayscale’s victory against the SEC change into efficient in SEC approval relating to advise Bitcoin ETFs, Grayscale also made an application to remodel its present Ethereum Belief product trusty into a advise Ethereum ETF.
At this point, Grayscale has acquired the strengthen of Coinbase, the main cryptocurrency trade within the us, relating to Ethereum ETFs.
In a letter, crypto trade Coinbase acknowledged that it supports Grayscale’s application to remodel its present Ethereum Belief product (ETHE) trusty into a advise Ethereum ETF and known as on the SEC to approve this application.
Paul Grewal, Coinbase’s chief factual officer, acknowledged in his submit from his X yarn that Coinbase responded to the SEC’s test for commentary on the Grayscale Ether Belief (ETHE) ETP, stating that Coinbase supports Grayscale’s advise ETH ETF application.
Declaring that Coinbase thinks that Ethereum needs to be labeled as a commodity, no longer a safety, Grewal argued that this build is supported by the CFTC’s approval of Ethereum futures, court docket choices and statements of SEC officers.
This day, Coinbase responded to the SEC’s test for commentary relating to the Grayscale Ether Belief (ETHE) ETP.
Initially, as Coinbase, we strengthen Grayscale’s Etheruem ETF application and deem it needs to be licensed.
At this point ETH is no longer a safety and is a commodity. In actuality, sooner than and after the Merger, the SEC, CFTC, and the market treated ETH as a commodity, no longer a safety.
At this point, all americans has prolonged understood that ETH is no longer a safety. SEC senior officers grasp publicly acknowledged this on a range of times all the way by the last six years, and neither the SEC nor its workforce grasp denied it, even after the merger.”
At last, stating that the economic system is identical as ETH in meeting the ETF approval traditional, Coinbase acknowledged that Ethereum is as sturdy as BTC.
As that you just can presumably presumably additionally fair remember, on January 25, the SEC postponed its evaluate of Grayscale’s Ethereum ETF till March 10.
This day @coinbase responded to @SECGov’s test for commentary on the proposed @Grayscale Ether Belief ($ETHE) ETP. 27 pages and 96 citations that offer the (1) factual, (2) technical, and (3) economic rationale for approval. 1/6
— paulgrewal.eth (@iampaulgrewal) February 21, 2024
*Here is no longer investment advice.
