Coinbase Chief Legal Officer: Ethereum ETF approval is a watershed moment in the long-standing debate about the status of ETH

Paul Grewal, the Chief Legal Officer at Coinbase, stated in an interview on Friday that he does believe the approval of an Ethereum ETF is a watershed moment in the long-standing debate over the status of ETH. For a long time, the SEC has been opaque about whether ETH is a security, non-security, commodity, or something else.

Grewal claimed that because the issuer is using an S-1 form, a certain percentage of assets in the fund can be securities. By designating the S-1 as the preferred registration method, the SEC's intention is that these funds do not include assets that are more than 40% securities in their investment portfolios.

Grewal added that there is no other conclusion that can be drawn except that Eth is not a security.