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Brian Quintenz: “When the SEC allowed ETH Futures ETFs to trade on its regulated security exchanges, it explicitly acknowledged the status of the underlying, ETH, as being a non-security and outside of its jurisdiction”. https://t.co/2rWTADGyUU https://t.co/lkmAQTZYo9
Paul Grewal, chief legal officer of Coinbase, said that ETH is a commodity, not a security, which is the position the SEC has taken for years, and that the SEC has no good reason to reject the ETH ETP application. The CFTC and federal courts have unanimously confirmed that ETH is…
Reminder: 1/ When the SEC allowed ETH Futures ETFs to trade on its regulated security exchanges, it explicitly acknowledged the status of the underlying, ETH, as being a non-security and outside of its jurisdiction.
In 2018, Gary Gensler, representing the Securities and Exchange Commission (SEC), stated that Ethereum (ETH) has become sufficiently decentralized to not be considered a security. This stance has been reaffirmed by the SEC's allowance of ETH Futures ETFs to trade on regulated security exchanges, explicitly recognizing ETH as a non-security and outside of its jurisdiction. Paul Grewal, chief legal officer of Coinbase, supported this view by stating ETH is a commodity, not a security, a position the SEC has maintained for years. This consensus is further backed by the Commodity Futures Trading Commission (CFTC) and federal courts, which have unanimously confirmed ETH's status as a commodity.
