Amid ongoing speculation surrounding the prospect of spot Ethereum exchange-traded fund approvals in the United States, Coinbase Chief Legal Officer Paul Grewal said the Securities and Exchange Commission has “no good reason” to deny the ETF applications.

“Sigh... again with the ETH misinformation as we await a decision on ETH ETPs,” Grewal wrote on X. “Millions of Americans hold ETH; it has been vital to crypto since its 2015 launch; and ETH is a commodity, not a security.”

Grewal went on to argue that the SEC has taken this position on its status for years, with senior SEC officials like former Director of Corporation Finance Bill Hinman’s speech in 2018 suggesting ether was not a security. In the same year, before becoming SEC Chair, Gary Gensler also testified to Congress that ether …