PANews reported on May 21 that Alex Thorn, head of research at Galaxy Digital, said on the X platform: "If the speculation about the SEC's 180-degree turn on the Ethereum ETF is true, they may try to find a balance between the following two: 'ETH' itself is not a security, and 'pledged ETH' (or pledged ETH as a service) is a security. This is roughly consistent with their various lawsuits and reports on the investigation, and may allow the SEC to approve the Ethereum ETF while maintaining their previously stated and argued views. In this case, the SEC may prohibit the ETF from pledging its ETH holdings."