Summary
TLDR: Coinbase met with SEC officials to discuss Grayscale’s proposed ether ETF. Coinbase presented that shares would be commodity-based and emphasized the resilience of the ETH market to fraud. Analysts are skeptical due to lack of comments from SEC staff. Earlier this week, SEC delayed decisions on BlackRock and Fidelity’s spot ETH ETF applications. Experts believe SEC will decide on ETH ETFs in May.
Key Points
1. Coinbase met with officials at the Securities and Exchange Commission to discuss Grayscale’s proposed ether ETF.
2. Attorneys from Davis Polk, who represent Grayscale, were also present at the meeting along with various members of the SEC’s Division of Trading and Markets.
3. A presentation from Coinbase was given at the meeting, with shares of a potential ether ETF being categorized as commodity-based shares, similar to bitcoin ETFs.