Odaily News Nate Geraci, president of The ETF Store, cited an analysis report from the law firm Foley & Lardner LLP, pointing out that the most important development of the U.S. SEC in the ETH spot ETF approval order is that "the SEC strongly implies that ETH is a commodity rather than a security." In addition, "the approval order indicates that crypto assets can start as securities and transform into commodities over time."