Coinbase argues for spot Ether ETFs as analysts warn of ‘concentration risk’

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“Our letter lays out what anyone knows who’s paid even the slightest bit of attention to the subject: ETH is not a security,” said Coinbase’s chief legal officer.

United States crypto exchange Coinbase has stood firmly behind Grayscale in its application to convert its Ethereum Trust into a spot Ether exchange-traded product (ETP), with one of its key arguments being that Ether is not a security.

On Feb. 22, Coinbase chief legal officer Paul Grewal shared the firm’s 27-page letter outlining the legal, technical and economic rationale for why the U.S. Securities and Exchange Commission should approve an Ether-based ETP.

Coinbase made five major arguments, including that Ether (ETH) is appropriately classified as a commodity, not a security, as reflected by the U.S. Commodity Futures Trading Commission’s approval of ETH futures, statements by SEC officials and court rulings.

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