According to ChainCatcher, Alex Thorn, head of research at Galaxy Digital, said on the X platform that if the speculation about the US SEC's 180-degree turn on the Ethereum ETF is true, they may try to find a balance between the following two: ETH itself is not a security, and the pledged ETH (or more far-fetchedly, the pledged ETH as a service) is a security.

This is roughly consistent with their various lawsuits and reports on the investigation, and may allow the SEC to approve the Ethereum ETF while maintaining the views they have previously stated and argued.