Coinbase CLO: SEC rejects Ethereum ETF application without justification

Paul Grewal, Coinbase's Chief Legal Officer, believes that the SEC has no legitimate reason to reject the Ethereum ETF application.Coinbase CLO stated that before becoming SEC chairman, Gary Gensler testified to Congress that Ethereum is not a security. Digital assets like Ethereum are not "investment contracts" or other "securities" if they do not involve ongoing contractual obligations related to commercial enterprises.He believes that even if the Howey test is applied, Ethereum cannot pass.