The U.S. Securities and Exchange Commission (SEC) is soliciting public comments on the application for Grayscale Ethereum Trust (ETHE) to transition into a spot exchange-traded fund (ETF). Coinbase has submitted a 27-page comment letter today, meticulously listing the legal, technical, and economic reasons that the SEC should approve.
Paul Grewal, Coinbase’s Chief Legal Officer, expressed his views on this matter in a post on X. Grewal further stated that Ethereum’s proof-of-stake mechanism possesses robust governance capabilities, demonstrating strong characteristics in ownership concentration, consensus, liquidity, and governance, thereby reducing the risks of fraud and manipulation. From a market perspective, the trading market of ETH exhibits the same resilience as BTC, so it is unreasonable to approve BTC while rejecting ETH.
Lastly, Grewal stated that Coinbase will strive to urge the SEC to make wise regulatory decisions in the rapidly evolving cryptocurrency environment, through ongoing dialogue and research, to support innovation and cultivate a transparent, secure, and inclusive financial ecosystem.
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