Coinbase has endorsed Grayscale’s bid to convert its Ethereum (ETH) Trust into an exchange-traded fund (ETF) in a Feb. 21 letter addressed to the Securities and Exchange Commission (SEC).
Coinbase’s chief legal officer, Paul Grewal, said the exchange’s letter provided the legal, technical, and economic arguments supporting spot Ethereum funds’ approval. He added:
“Our letter lays out what anyone knows who’s paid even the slightest bit of attention to the subject: ETH is not a security. In fact, before and after the Merge, the SEC, the CFTC, and the market have treated ETH not as a security but a commodity.”
Coinbase’s endorsement comes amid increasing anticipation in the crypto market for a spot Ethereum ETF, mirroring the market enthusiasm surrounding spot Bitcoin ETFs. Notably, prominent asset managers like BlackRock and Fidelity, among others, have also filed for their own Spot Ethereum ETFs.
Why spot ETH ETFs should be approved
Coinbase outlined five critical points
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