Fidelity has just revised the content of the Ethereum ETF, saying that the ETF in the trust will not be pledged.
This morning, Alex Thorn, head of research at Galaxy Digital, said that the SEC is finding a balance between the two: "ETH" itself is not a security, but "pledged ETH" (or more far-fetchedly, "pledged ETH as a service") is a security.
Now Fidelity's plan to revise the Ethereum ETF just confirms this point.
Based on this idea, I think the probability of the Ethereum ETF passing is still quite high! There will just be some restrictions, but it will not affect the overall benefits!
