According to Alex Thorn, head of research at Galaxy Digital, if speculation that the Securities Exchange Commission (SEC) is taking a U-turn on Ethereum ETFs is true, I suspect they will try to strike a balance between "ETH" itself not being a security and "pledged ETH" (or, more far-fetched, "pledged ETH as a service") being a security.
This is broadly consistent with their various proceedings and reports of the investigation, and could allow the SEC to approve the Ethereum ETF while maintaining the views they have previously stated and argued.
In this case, and possibly for other reasons, you might expect the SEC to prohibit these ETFs from pledging the ETH they hold.
Galaxy Research Head: SEC May Seek Balance Between Non-Securities ETH and Securities Pledged ETH in Ethereum ETF Approval
2024-05-21 02:34:06
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