What Coinbases Ethereum ETF stance may mean for ETHs price
Crypto exchange Coinbase has told the U.S SEC. that it was ready to support the Ethereum [ETH] ETF application Grayscale filed. According to the memo directed at Vanessa Countryman, the SEC Secretary, Coinbase noted that it has satisfied that Exchange Act since it was publicly listed in the country. Beyond that, the exchange noted that Ethereums transition to Proof-of-Stake (PoS) has made it clear that the cryptocurrency is not a security. It explained that, “The market has long understood that ETH is not a security. Senior officials of the Commission have publicly said as much on several occasions over the past six years, and neither the Commission nor its staff has disavowed this position, even after the Merge.” No sleeping on ETH The exchange also noted that it was the major custodial of the recently approved spot Bitcoin [BTC] ETFs. As such, the commission should have any issues approving the Ethereum ETFs. Since the Bitcoin ETF approval in January, market participants have been optimistic that Ethereum would follow. Also, the SEC had set the potential approval deadline for May. As a result, attention has been shifting from BTC to ETH. At press time, ETH changed hands at $3,000, a 30% hike in the 30 days. This was on