{"id":2797,"date":"2024-02-22T11:50:00","date_gmt":"2024-02-22T11:50:00","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=2797"},"modified":"2024-02-22T11:40:24","modified_gmt":"2024-02-22T11:40:24","slug":"coinbase-advocates-for-spot-ether-etfs","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/","title":{"rendered":"Coinbase Advocates for Spot Ether ETFs"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale&#8217;s bid to transform its Ethereum Trust into a spot Ether exchange-traded product (ETP). The company&#8217;s chief legal officer, Paul Grewal, underscored Ether&#8217;s classification as a commodity rather than a security, citing approval from the U.S. Commodity Futures Trading Commission for Ether futures and affirmations from SEC officials and court rulings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-arguments-supporting-ether-s-classification\">Arguments Supporting Ether&#8217;s Classification<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Coinbase outlined five key arguments in its 27-page letter to the U.S. Securities and Exchange Commission (SEC). First, it emphasized Ethereum&#8217;s status as a commodity, backed by regulatory decisions and market treatment. Second, it drew parallels between the approval of spot Bitcoin ETFs and the suitability of an Ethereum ETP. Additionally, Coinbase highlighted Ethereum&#8217;s robust governance under its proof-of-stake consensus, reducing susceptibility to fraud and manipulation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technological Security of Ethereum Blockchain<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, Coinbase emphasized Ethereum&#8217;s blockchain&#8217;s inherent security mechanisms, limiting susceptibility to fraudulent activities. It pointed to market indicators such as liquidity, spread tightness, and price correlation across spot markets as evidence of Ethereum&#8217;s resilience against manipulation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Coinbase&#8217;s Market Surveillance and Collaboration<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Coinbase assured its capability to monitor trading activities on its platforms and highlighted its collaboration with the Chicago Mercantile Exchange as an additional measure to ensure market integrity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Concerns Raised by Analysts<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">However, S&amp;P Global analysts expressed concerns regarding the introduction of concentration risk by spot Ethereum ETFs, particularly those involving staking. They warned that such ETFs could alter the mix of validators in Ethereum&#8217;s consensus mechanism, potentially concentrating staking activities among institutional custodians.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While institutional custodians&#8217; involvement could diversify staking across different platforms, it could also introduce new concentration risks, especially if a single entity dominates the staking activities within these ETFs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale&#8217;s bid to transform its Ethereum Trust into a spot Ether exchange-traded product (ETP). The company&#8217;s chief legal officer, Paul Grewal, underscored Ether&#8217;s classification as a commodity rather than a security, citing approval from the U.S. Commodity Futures Trading Commission for [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2800,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[258,43,40],"tags":[],"class_list":["post-2797","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","category-general-news","category-regulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Coinbase Advocates for Spot Ether ETFs<\/title>\n<meta name=\"description\" content=\"Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale&#039;s bid to transform its Ethereum Trust into a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Advocates for Spot Ether ETFs\" \/>\n<meta property=\"og:description\" content=\"Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale&#039;s bid to transform its Ethereum Trust into a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T11:50:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Adam L\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam L\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\"},\"author\":{\"name\":\"Adam L\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\"},\"headline\":\"Coinbase Advocates for Spot Ether ETFs\",\"datePublished\":\"2024-02-22T11:50:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\"},\"wordCount\":305,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp\",\"articleSection\":[\"Ethereum\",\"General News\",\"Regulation\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\",\"name\":\"Coinbase Advocates for Spot Ether ETFs\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp\",\"datePublished\":\"2024-02-22T11:50:00+00:00\",\"description\":\"Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale's bid to transform its Ethereum Trust into a\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp\",\"width\":1600,\"height\":900,\"caption\":\"Coinbase-Ethereum\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cryptometer.io\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Coinbase Advocates for Spot Ether ETFs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"name\":\"CryptoMeter.io\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"alternateName\":\"CryptoMeter.io\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\",\"name\":\"CryptoMeter.io\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"width\":512,\"height\":512,\"caption\":\"CryptoMeter.io\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/CryptoMeterIO\"],\"publishingPrinciples\":\"https:\/\/www.cryptometer.io\/news\/about-us\/\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\",\"name\":\"Adam L\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"caption\":\"Adam L\"},\"description\":\"In the world of blockchain and cryptocurrencies, I have a great deal of passion and interest. My interest in blockchain and cryptocurrencies has led me to explore these technologies in greater depth, as I am interested in the potential implications they could have on the global economy.\",\"url\":\"https:\/\/www.cryptometer.io\/news\/author\/adam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Coinbase Advocates for Spot Ether ETFs","description":"Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale's bid to transform its Ethereum Trust into a","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/","og_locale":"en_US","og_type":"article","og_title":"Coinbase Advocates for Spot Ether ETFs","og_description":"Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale's bid to transform its Ethereum Trust into a","og_url":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/","og_site_name":"CryptoMeter.io","article_published_time":"2024-02-22T11:50:00+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp","type":"image\/webp"}],"author":"Adam L","twitter_card":"summary_large_image","twitter_creator":"@CryptoMeterIO","twitter_site":"@CryptoMeterIO","twitter_misc":{"Written by":"Adam L","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#article","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/"},"author":{"name":"Adam L","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9"},"headline":"Coinbase Advocates for Spot Ether ETFs","datePublished":"2024-02-22T11:50:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/"},"wordCount":305,"publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp","articleSection":["Ethereum","General News","Regulation"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/","url":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/","name":"Coinbase Advocates for Spot Ether ETFs","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp","datePublished":"2024-02-22T11:50:00+00:00","description":"Coinbase, a prominent cryptocurrency exchange in the United States, has thrown its support behind Grayscale's bid to transform its Ethereum Trust into a","breadcrumb":{"@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#primaryimage","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp","width":1600,"height":900,"caption":"Coinbase-Ethereum"},{"@type":"BreadcrumbList","@id":"https:\/\/www.cryptometer.io\/news\/coinbase-advocates-for-spot-ether-etfs\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cryptometer.io\/news\/"},{"@type":"ListItem","position":2,"name":"Coinbase Advocates for Spot Ether ETFs"}]},{"@type":"WebSite","@id":"https:\/\/www.cryptometer.io\/news\/#website","url":"https:\/\/www.cryptometer.io\/news\/","name":"CryptoMeter.io","description":"","publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"alternateName":"CryptoMeter.io","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cryptometer.io\/news\/#organization","name":"CryptoMeter.io","url":"https:\/\/www.cryptometer.io\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","width":512,"height":512,"caption":"CryptoMeter.io"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/CryptoMeterIO"],"publishingPrinciples":"https:\/\/www.cryptometer.io\/news\/about-us\/"},{"@type":"Person","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9","name":"Adam L","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","caption":"Adam L"},"description":"In the world of blockchain and cryptocurrencies, I have a great deal of passion and interest. My interest in blockchain and cryptocurrencies has led me to explore these technologies in greater depth, as I am interested in the potential implications they could have on the global economy.","url":"https:\/\/www.cryptometer.io\/news\/author\/adam\/"}]}},"jetpack_featured_media_url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/02\/Coinbase-Ethereum-.webp","_links":{"self":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/2797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/comments?post=2797"}],"version-history":[{"count":2,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/2797\/revisions"}],"predecessor-version":[{"id":2814,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/2797\/revisions\/2814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media\/2800"}],"wp:attachment":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media?parent=2797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/categories?post=2797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/tags?post=2797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}