Coinbase Chief Legal Officer: ETH is a commodity, not a security, and the SEC has no sufficient reason to reject the ETH ETP application

Odaily News Coinbase Chief Legal Officer paulgrewal.eth posted on the X platform that millions of Americans hold ETH. Since its launch in 2015, ETH has been crucial to the cryptocurrency field. ETH is a commodity, not a security. , this is also the position that the SEC has taken for many years. The SEC has no sufficient reason to reject the ETH ETP application. The reasons and remarks cited are as follows: SEC Corporate Finance Director Hinman has clearly stated that ETH is not a security. Before serving as SEC Chairman, Gary Gensler testified before Congress that ETH is not a security. The CFTC and the federal court unanimously confirmed that ETH is a commodity. ETH futures contracts begin trading on CFTC-regulated futures trading platforms in 2021 · The Howey test does not determine the status of ETH. Digital assets like ETH do not involve ongoing contractual obligations related to commercial enterprises and are not investment contracts or other securities. · Even if the Howey test is performed, ETH completely fails this test, and the Ethereum upgrade does not affect this conclusion