Odaily Planet Daily News The U.S. SEC approved the 19b-4 forms of multiple Ethereum spot ETFs this week, including those from BlackRock, Fidelity, and Grayscale. Although the forms have been approved, ETF issuers need to make the S-1 registration statement effective before they can start trading. Legal professionals have different views on whether the U.S. SEC's approval of the Ethereum ETF means that everything has changed. Paul Grewal, chief legal officer of Coinbase, said in an interview: "I do think this is a watershed in the long-standing debate about the status of ETH. For a long time, the SEC has been shrouded in its position and failed to indicate whether Ethereum is a security, non-security, commodity, or something else." Grewal claimed that because the issuer used the S-1 form, a certain proportion of the assets in the fund could be securities: "By specifying S-1 as a registration option, the SEC means that, by definition, these funds do not include assets that account for more than 40% of the portfolio as securities." He added: "There is no other conclusion that can prove this except that ETH is not a security." The SEC did not immediately respond to a request for comment. Others, including Coy Garrison, former legal counsel to SEC Commissioner Hester Peirce, have also said that ETH must be a commodity after the spot Ethereum ETF is approved. Garrison said in an email that the SEC's approval order confirms that ETH is a commodity. In its order approving the Ethereum products, the funds are referred to as "commodity-based trust shares," which states that "if ETH is a security, approval is inappropriate under these specific exchange rules." (The Block)