Odaily News Scott Johnsson, partner of Van Buren Capital and financial lawyer, posted on the X platform that the relevant application documents show that the Ethereum spot ETF will still be listed under the "commodity-based trust share" rules. Jake Chervinsky, chief legal officer of Variant Fund, said that this means that if the US SEC approves the Ethereum spot ETF, it will have to admit that non-pledged ETH is not a security. This will be a major policy move by the SEC, which has previously refused to recognize any asset other than Bitcoin as a non-security commodity.