The U.S. Securities and Exchange Commission (SEC) approved the spot Ethereum (ETH) exchange-traded fund (ETF), which was interpreted by industry experts as the SEC's "implicit recognition" that Ethereum is not a security. Bloomberg ETF analyst James Seyffart said that the SEC's approval of these commodity-based trust assets means that they will not regard Ethereum as a security. This view is supported by digital asset lawyer Justin Browder, who believes that if the Ethereum ETF is approved by S-1, the debate that Ethereum is not a security is over. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, further believes that this idea can be extended to tokens of other projects. However, Seyffart and others believe that the SEC may still continue to pursue participants involved in ETH staking. In April of this year, Ethereum infrastructure company Consensys received a Wells notice from the SEC, which focused on Metamask's trading and staking services.