📉 Coinbase is backing Grayscale in its bid to create an exchange-traded product based on Ethereum, arguing that Ether is not a security. Main arguments:

• ETH is a commodity, not a security

• SEC approval for Bitcoin ETP applies to Ethereum ETP

• Ethereum's technological security limits fraud

• Market depth, tight spreads and price correlation indicate market resilience

• Coinbase has an agreement with CME and market tracking

However, S&P Global has expressed concerns that staking Ethereum ETFs could increase concentration risks.