According to BlockBeats, Alex Thorn, head of research at Galaxy Digital, said on the X platform that if the speculation about the US SEC's 180-degree turn on the Ethereum ETF is true, they may find a balance between "ETH" itself not being a security and "pledged ETH" (or more far-fetchedly, "pledged ETH as a service") being 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 the views they have previously stated and argued. In this case, the SEC may prohibit the ETF from pledging its ETH holdings.