Coinbase has urged the Securities and Exchange Commission's to list the Grayscale Ethereum trust for trading, according to the company's chief legal officer Paul Grewal.

Taking to the social media platform X, Grewal announced Coinbase had responded to the SEC's request for comment. He said Coinbase had provided the "legal, technical, and economic rationale" needed for approval.

"Our letter lays out what anyone knows who's paid even the slightest bit of attention to the subject: ETH is not a security. In fact, before and after the Merge, the SEC, the CFTC, and the market have treated ETH not as a security but a commodity," Grewal said in his post.

Analysts have predicted that the SEC will approve spot ether ETFs as early as May of this year. Last October, Grayscale and NYSE Arca filed …