The SEC this week approved forms 19b-4 for a number of Ethereum spot ETFs, including BlackRock, Fidelity and grey release ETFs. While the forms have been approved, ETF issuers need to have the S-1 registration statement in effect before they can start trading. Legal experts differ on whether the SEC's approval of an Ethereum ETF means everything has changed.
Paul Grewal, Coinbase's chief legal officer, said in an interview that because issuers use the S-1 form, a certain percentage of the fund's assets can be securities: "By designating the S-1 as the registration option, the SEC means that, by definition, these funds do not include assets in which securities make up more than 40 per cent of the portfolio."
He added: "There is nothing to prove this other than that ETH is not a security."
Coinbase Chief Legal Officer: SEC approval of Ethereum ETF still leaves some doubt as to whether ETH is a security
2024-05-25 14:13:39
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