Coinbase CLO: SEC has no valid reason to reject Ethereum ETF application

ChainCatcher news, Coinbase's Chief Legal Officer Paul Grewal believes that the SEC has no valid reason to reject the Ethereum ETF application.

Coinbase CLO stated that before becoming the SEC Chairman, Gary Gensler testified to Congress that Ethereum is not a security. Digital assets like Ethereum are not 'investment contracts' or other 'securities' if they do not involve ongoing contractual obligations related to a commercial enterprise.

He believes that even if the Howey test is applied, Ethereum would not pass.