Coinbase Chief Legal Officer: The US SEC has been obscuring its position on whether ETH is a security

ChainCatcher news, according to The Block, Coinbase Chief Legal Officer Paul Grewal said, "For a long time, the U.S. Securities and Exchange Commission (SEC) has been covering up its position on whether ETH is a security, non-security, commodity or other category. By specifying S-1 as a registration option, the SEC is actually saying that the definition of these funds does not contain more than 40% of securities assets."

The SEC did not immediately respond to a request for comment.

“Even with a clearance order, the SEC could still argue that any of the specific facts and circumstances surrounding the manner in which Ethereum was offered and sold in a particular transaction constituted a securities offering,” said Coy Garrison, legal counsel to former SEC Commissioner Hester Peirce.