Odaily Planet Daily News Galaxy Digital Research Director Alex Thorn wrote on the X platform that if the speculation about the US 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 as a service ETH") is a security. This is generally consistent with the agency's initiation of various lawsuits and reports on investigations, and may allow the SEC to maintain its previously stated and argued views while approving the Ethereum ETF. In this case, the SEC may prohibit the ETF from pledging its ETH holdings.