According to ChainCatcher, Nate Geraci, president of The ETF Store, cited an analysis report from the law firm Foley & Lardner LLP, pointing out that the most important progress made by the US SEC in the approval order for the ETH spot ETF is that "the SEC strongly implies that ETH is a commodity rather than a security."

In addition, "the approval order indicates that crypto assets can start as securities and transform into commodities over time."