Golden Finance reported that Van Buren Capital partner and financial lawyer Scott Johnsson posted on the X platform that the relevant application documents show that the Ethereum spot ETF will still be listed under the "commodity-based trust share" rule. Variant Fund Chief Legal Officer Jake Chervinsky said that this means that if the US SEC approves the Ethereum spot ETF, it will have to admit that non-pledged ETH is not a security. This will be a major policy move by the SEC, which has previously refused to recognize any assets other than Bitcoin as non-securities commodities.