TechFlow news: Coinbase's Chief Legal Officer Paul Grewal believes the SEC has no valid reason to reject Ethereum ETF applications.
The Coinbase CLO stated that before becoming SEC chairman, Gary Gensler testified before Congress that Ethereum is not a security. Digital assets like Ethereum do not constitute an "investment contract" or other "securities" if they do not involve ongoing contractual obligations associated with a business enterprise.
He argued that even applying the Howey Test, Ethereum would not meet the criteria.




