Although the US Securities and Exchange Commission (SEC) has approved a spot Ethereum ETF, lawyers are debating whether ETH is a commodity.

After Bitcoin, the SEC approved the spot Ethereum ETF last week. Although the Commission has constantly described Ethereum as a security, its approval raised many questions.

Consensys, one of the biggest actors in the Ethereum ecosystem, expressed its appreciation to the SEC after the approval and made the following statements:

Although ETH does not have the characteristics of a security, the U.S. Securities and Exchange Commission is trying to regulate ETH as a security.

Rostin Behnam, chairman of the SEC's sister institution, the Commodity Futures Trading Commission (CFTC), also said that Ethereum is a commodity.

On the other hand, Paul Grewal, legal department manager of Coinbase, the largest cryptocurrency exchange in the USA, came to the fore with a similar statement. Grewal used the following sentences in his statement on the subject:

Ethereum (ETH), as we have always known, is effectively considered a commodity.