ETH Legal Win: SEC's ETF Approval Acknowledges ETH as a Commodity
CryptoNewsTerminal Staff24 May, 2024
ETH Legal Win: SEC's ETF Approval Acknowledges ETH as a Commodity
The Securities and Exchange Commission's (SEC) approval of an Ethereum (ETH) spot exchange-traded fund (ETF) implies the agency's recognition of ETH as a commodity, according to James Murphy, a digital asset lawyer known on Twitter as 'MetaLawMan.' In the SEC's lawsuit against Coinbase, the agency maintained that cryptocurrencies with a "family resemblance" are considered securities. However, the approval of an ETH ETF poses a challenge to this argument, as ETH operates on a vast ecosystem, suggesting that it should be classified as a commodity. Murphy believes that Coinbase will likely petition the court to reconsider its earlier dismissal of their request in light of the SEC's recognition of ETH as a commodity. This development could have implications for other cryptocurrencies, potentially leading to a clearer regulatory landscape for the industry.
