According to TechFlow, Nate Geraci, president of The ETF Store, cited an analysis report from the law firm Foley & Lardner LLP, pointing out that the most important development of the U.S. 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."
Furthermore, “the approval order suggests that crypto assets can start out as securities and transform into commodities over time.”
