Following the approval of Spot Ethereum ETFs, Coinbase Chief Legal Officer Paul Grewal says that Ethereum is effectively deemed a commodity. In a post to X, the Coinbase executive says that ETH is a commodity “as we’ve always known it to be.”
Also Read: SEC Approves All Spot Ethereum ETFs
After a long wait, 19b-4 forms for Spot Ethereum ETFs have been approved, marking the first steps towards official approval of all ETH ETFs. Coinbase, being one of the biggest cryptocurrency exchanges on the market, is a strong supporter of the cryptocurrency ETF wave. Ethereum will ultimately join Bitcoin as the only crypto ETF available on the market, paving the way for more applicants in the future.
Following the approval of Spot Bitcoin ETFs at the start of 2024, the market anticipated what cryptocurrency could be next. Naturally, all eyes are directed toward Ethereum.
Now that Ethereum ETF 19b-4 forms have been approved, issuers must wait for their S-1 forms to be approved. These forms are necessary to offer new securities publicly and for the trading of the assets to begin. The SEC may take more time to process each filer’s S-1 forms, especially if the regulator remains dissatisfied with ETFs. Based on the timeline for the Bitcoin ETFs, this process could take anywhere from weeks to months.
However, experts like Grewal are all sharing their excitement for this first step towards mass approval. With the announcement, Ethereum is expected to boom in price as Bitcoin did following its ETF approval. At press time, ETH is trading over $3,800, up 4% in 24 hours and over 25% in the past week.